Paul Krugman: Obama And The One Percent
Another week, another outburst by a one-percenter comparing progressive taxation to Nazi atrocities. Anyway, thinking about this sort of thing makes me realize that there’s a danger, especially for progressives, of confusing the proposition that Obama’s billionaire haters are stark raving mad — which is true — with the proposition that Obama has done nothing that hurts the plutocrats’ interests, which is false. Actually, Obama has been tougher on the one percent than most progressives give him credit for.
Start with taxes. The Bush tax cuts haven’t gone completely away, but at the very high end they have been pretty much reversed; plus there are additional high-end taxes associated with Obamacare. The result is that taxes on wealthy Americans have basically been rolled back to pre-Reagan levels. No, Obama isn’t Hitler; but he is turning out to be a little bit of FDR, after all.
Perfect response to Krugman’s piece by a commenter named John
Nice to see you giving a bit of credit to the president and his team for a change. Yes he’s gradually pushed the top rates back to pre Reagan levels and he’s done it largely by stealth. It also needs to be pointed out that, despite all the endless hyperventilating, Federal spending levels IN REAL TERMS is 50% higher than it was when Clinton was in office in 2000. Partly this is a consequence of the war in Afghanistan but quite a lot of it is goodies handed out by Bush as cover for his tax cuts. In fact in overall terms Obama has been very effective at protecting overall federal spending despite a relentless assault. In a way the Republicans have reason to be ticked. When Obama leave office his progressive credentials are going to be looking pretty good even if the far left are disappointed that paradise has been postponed yet again.
Turning to Kristallnacht Perkins, you do have to wonder what the WSJ was thinking. I’ve seen lots of loopy letters there over the years but this was a beaut. Since it’s a conservative own goal, I suspect the letters editor will be getting bawled out by Gigot. How unfortunate.