"Obama Needs A 'Not To Do' List"

Obama Needs a 'Not To Do' List
The global economic crisis is exposing the president's preoccupations as the soppy indulgences they always were.
By HOLMAN W. JENKINS, JR.

Put away childish things, President Obama said during his inauguration. He couldn't have found a theme more suited to the moment. The preoccupations that he and most politicians are used to running on, and that still characterize too many of his administration's utterances, are being exposed in the global economic disaster as the soppy indulgences they always were.

Put away the global warming panic. Mankind's contribution to rising CO2 levels raises serious questions, but the tens of billions poured into climate science have, by now, added up only to a negative finding. We don't really have the slightest idea how an increase in the atmosphere's component of CO2 is impacting our climate, though the most plausible indication is that the impact is too small to untangle from natural variability.

In any case, has Mr. Obama taken a gander at collapsing industrial production numbers around the world? He's going to get a big reduction in CO2 output whether he wants it or not. Nor will the public be moved to make costly, material changes in its energy habits, especially if the recent global cooling trend continues. What we'll get instead is already depressingly clear: climate pork, or lucrative favors for lobbying interests in the name of global warming that have no impact on global warming.

Put away the "energy independence" conceit. This notion, a favorite of Tojo and Hitler, was debunked by Churchill, who reasoned that true energy security came from a diversity of suppliers, not the foolish pursuit of self-sufficiency.

We only hurt our own cause by blocking development of our own resources and closing our markets to biofuel producers in the Southern Hemisphere. Let's grow up. Through all the ups and downs of oil prices, the U.S. has been able to buy all it wants, even from countries that wish us dead. We are a bigger buyer of oil than any country is a supplier of it. We've had the whip hand all along.

Put away Ponzi welfarism. The day is gone when politicians could have hoped to have begun and ended their careers before the public ever faced the implosion of redistribution programs that depend on the workforce growing faster than the retired population.

Put away the idea that more government control is the cure for health care. We already bribe, through supremely asinine tax policy, the most affluent, capable consumers on the planet not to use their smarts to make sure the system returns value for money.

Let's fix this -- by eliminating the tax subsidy for employer-provided health insurance. Then it might actually become economically feasible to subsidize health care for the needy.

Put away class warfare tax politics: Only a flatter, less distorting tax code is compatible with the kind of growth needed to get us out of the debt mess without inflation.

We already levy punitive tax rates on bank deposits, at a time when households need to build up savings and banks need deposits. Now Mr. Obama wants to raise taxes on small business, on investment, and on the incomes of the most productive job creators. Is he crazy?

Like a subprime borrower who hasn't gotten the news yet, now is not the time to go deeper into debt to build a third Jacuzzi. Our politicians need to address an accumulation of past excesses before sponsoring new ones.

Mr. Obama came to office without a conspicuous vision other than "bipartisanship" and a belief in the beneficent influence on America and the world of seeing a black man exercising the powers of the presidency. He wields his party's shibboleths like one who sees them mainly as levers for delivering the goods. His ideas about the exercise of politics, in fact, may be accurately reflected in the recent stimulus bill -- in office you supply the wish lists of those who put you there.

His will be a fascinating presidency to watch, not least because of his inexperience, his intellectual agility, and the crisis in which he finds himself. But his presidency will get really interesting in a year or two, or six months -- whenever he finally realizes that everything he thought he wanted to do is irrelevant. He'll then have to adapt an agenda for the world as it is, in which many childish things no longer have a place.

And, by the way, he kids himself if he believes he will be allowed, like FDR, to preside over a depression without being politically blamed for it. The public is different now -- the world is different -- and he will own the "Obama depression" sooner than he thinks.