In the early 1980s when I served on the staff of the Joint Economic Committee, we invited the Republican deficit scourge, Peter G. Peterson, to testify on Reaganomics, but he wouldn't come. Somewhat understandably, he declined to sabotage his own team. This week, when I was asked to comment on President Barack Obama's proposed "Buffett Rule," I had a similar urge to duck. But it passed.
The Buffett Rule would increase taxes on a handful of Mitt-Romney-like figures in today's America, raising a few billions of dollars in new revenues each year from the very rich. It is perfectly tailored to the Obama political style, which is to nod symbolically leftward while reserving big concessions for banks, venture capitalists and insurance companies.Read the rest at CNN Opinion
Obama needs more than symbolism of 'Buffett Rule'
By James K. Galbraith | Professor, University of Texas at Austin
(h/t Kevin Fathi)