I enjoyed the honesty, and perhaps also the sarcasm I sensed, in this commentary in the Wall Street Journal. Excerpts from Daniel Henninger’s piece today:
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 [of Obama’s budget] is attributed to “Piketty and Saez.” Thomas Piketty and Emmanuel Saez, French economists, are rock stars of the intellectual left. Their specialty is “earnings inequality” and “wealth concentration.” Piketty-Saez is a moral argument for raising taxes on the rich.
The economy as most people understand it was a second-order concern of the stimulus strategy. The primary goal is a massive re-flowing of “wealth” from the top toward the bottom, to stop the moral failure they see in the budget’s “Top One Percent of Earners” chart.
Enjoy the great editorial HERE.