Daniel Henninger of the Wall Street Journal has discovered the Rosetta Stone with which to translate all that Obama has planned for the economy. Bottom line, if you have money, you won’t for long.
One finds many charts in a federal budget, most attributed to such deep mines of data as the Census Bureau or the Bureau of Labor Statistics. The one on page 11 is attributed to “Piketty and Saez.”
Either you know instantly what “Piketty and Saez” means, or you don’t. If you do, you spent the past two years working to get Barack Obama into the White House. If you don’t, their posse has a six-week head start on you.
Thomas Piketty and Emmanuel Saez, French economists, are rock stars of the intellectual left. Their specialty is “earnings inequality” and “wealth concentration.”
It is not possible to excerpt this article in such a way as to make clear all that it argues. Please go over and read the whole thing. Bottom line, Obama, in the interest of “fairness” is planning a massive wealth redistribution. Which may appeal to some people, but the “fairness” doesn’t include actually being fair to those people who have worked hard to get ahead.
The disincentive to work hard is enormous here. And bracket creep will also come into play. As the “rich” are stripped of their “wealth”, the very definition of “rich” will creep downward.