Biden Should Tax the Rich to Shrink the Deficit
It’s an idea from President Barack Obama’s administration, but it’s better suited to the current president’s macroeconomic situation.
Biden should take a page from Obama’s playbook.
Photographer: Win McNamee/Getty ImagesTo help fight inflation, Joe Biden ought to take a page out of his former boss’ book: He should make a strong pitch for taxing the rich to reduce the federal budget deficit.
From the day his party suffered a massive midterm “shellacking” straight through his successful re-election campaign, Barack Obama branded the Democrats as the party of deficit reduction. He talked about the alleged need for the federal government to tighten its belt in a State of the Union address and dived deep into the multifaceted search for a “grand bargain” on budgetary issues — the Simpson-Bowles Commission, the supercommittee, the whole deal.