If President Obama merely follows through on what he or his appointees have already either formally or informally proposed, he’d reform immigration in a way that removes obstacles to a free market in labor and free movement of individuals, cut both corporate and individual top tax rates to levels lower than in the George W. Bush or Reagan administrations, and adjust Social Security benefits to put the program, and the U.S. government, on sounder financial footing.

That’s the best-case scenario, writes Ira Stoll.