In any vigorous (dirty) US election, there’ll always be a
signature red herring. In logic, the term for this gambit is “poisoning the
well.” During the Cold War, implying that the other guy was an intellectual was
negative political dynamite. Up until recently, passing along the suspicion
that he was a little queer and, therefore, unreliable on law and order also
worked well. And today, the old standby
that he is too easily tempted by “foreign” ideas still has some force.
The big one for this presidential election, however, has to
be: “The Obama administration is jealous of the rich. It’s disgusting.”
The accusation that Obama is being hard on the rich has specific
practical and psychological value: it is raising $millions for Mitt Romney from
people who can most easily spend the money and it seems to provide many incredibly
fortunate Americans an explanation for why they’re unhappy and don’t think
they get proper respect.
On a general basis, however, it’s just another intoxicant.
It clouds the issue of fair taxation and distracts people from real problems in
the social and economic fabric of the country.
It would deserve a hearing, anyway, if it were true. But, it
isn’t.
Larry Summers—the economic Rasputin of Obama’s first term—alluded
to the truth of the matter in a column calling for greater focus on inequality
in opportunity:
“While I support
moves to make the tax system more progressive, the reality is that inequality
is likely to continue to rise, even with all that can responsibly be done to
increase tax burdens on those with high incomes and redistribute the proceeds.
Measures such as allowing unions
to organize without undue reprisals and enhancing shareholders’
role in setting executive pay are
desirable. But they are unlikely to even hold at bay the trend toward
increasing inequality.”
Mitt Romney faithfully parrots that audaciously pedestrian
question: “Are you better off today than you were four years ago?” Why not, Mr.
Romney, first ask your friends?
Imagine the blushing outrage if Barack Obama took the rich
aside and asked: “Aren’t you feeling better off—and safer—today than you were
feeling when I took the oath of office in January 2009?”
That question would be rude. The poor shouldn’t complain and
the rich shouldn’t have to acknowledge their good fortune.
The truest, if not the most politick, response to the hostility
of the most affluent Americans to Obama’s policies and his record is this
prediction: if he remains as radical in his second term as you think he’s been
in his first term, you should expect that the rich—the job creators, if not
every speculator—will keep getting richer, probably faster than everyone else.
Seriously, Obama’s pitch to the affluent should be less
arduous than his pitch to the poor. His more collegial foreign policy and
middling Keynesian policies have been far more effective, so far, in restoring
the fortunes of the rich than in creating wage improvements for the rest.
Of course, the most affluent may decide to go for broke, to try
to get more out of the economy with more tax cuts with Romney. Many, however,
may wonder whether it might be prudent to invest just a little more in the fate
of the population at large. Every four years, after all, they’re shareholders,
too.
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