Europe, Not U.S., the Lower Tax, Freer Trade Area

The U.S. is falling further behind Europe in terms of taxes and competitiveness, all while Pelosi and Obama are clueless on all things economics. From the WSJ:

On present trends, most of Europe will soon have lower income tax rates than most of America. And now the European Union is stealing another competitive march on Washington, this time on a free trade deal with the world's 13th largest economy, fast-growing South Korea.

Last week Brussels and Seoul finished the outline of a new trade agreement, and the two sides will now write up the technical language to codify it. As for the pending U.S.-Korea trade agreement, Congress has done . . . nothing.

On the EU side, the Commission is vigorously defending the pact against domestic critics, including the European auto industry. EU approval isn't a sure thing, but Swedish Prime Minister Fredrik Reinfeldt is aiming to finish it by December. Compare that to the U.S., where the FTA with Korea is bogged down in Big Labor politics. Bashing the deal became de rigueur in the Democratic Party primary before last year's Presidential election.

Europe has finally realized that high taxes and high tariffs are a complete disaster. Obama wants to try it out for himself.