Don't Renegotiate NAFTA, Stop Card Check, No Windfall Profit Tax on Oil

Dec 5, 2008

In the words of John Murphy, "Quite the trifecta."

Three economic ideas to shelve according to USA Today:

The financial crisis gives the incoming president a compelling rationale to make a few modest course corrections. We offer three that could conveniently be deferred, preferably forever:

Renegotiate NAFTA...With the global economy in such a skittish mood, even a whiff of protectionism is a bad idea. The Smoot-Hawley Tariff Act of 1930 is widely viewed as having worsened the Great Depression.

A windfall profits tax on Big Oil...The proper way to deal with America's petroleum addiction is to encourage alternative sources while discouraging consumption. Taxing oil company profits was always a kind of cop out for lawmakers afraid of gasoline taxes and other aggressive action to discourage consumption.

Votes to unionize...it is hard to see how ending the secret ballot would do much besides initiating campaigns of subtle, and not so subtle, intimidation as workers contemplate their decisions.

In the coming months, Obama will no doubt be focused on big-picture economic issues, but he will surely come under pressure from liberal constituencies to go back to the little ideas he pushed in the heat of the primaries. He can't abandon everything he ran on as candidate. Yet he can, and in fact must, set aside some of his positions. And these three are especially worthy of being shelved.

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