A peculiar aspect of the Obama years has been the disconnect between the rage of Obama’s enemies and the yawns of his sort-of allies. The right denounces financial reform as a vast government takeover — and lobbies fiercely against it — while the left dismisses reform as symbols without substance. The right accuses Obama of being a socialist stealing the money of hard-working billionaires, while the left dismisses him as having done nothing to address inequality.
On all these issues, the truth is that Obama has done far more than he gets credit for — not everything you’d want, to be sure, or even most of what should be done, but enough so that the right has reason to be furious.
The latest case in point: taxes on the one percent. I keep hearing that Obama has done nothing to make the one percent pay more; the Congressional Budget Office does not agree:
According to CBO, the effective tax rate on the one percent — reflecting the end of the Bush tax cuts at the top end, plus additional taxes associated with Obamacare — is now back to pre-Reagan levels. You could argue that we should have raised taxes at the top much more, to lean against the widening of market inequality, and I would agree. But it’s still a much bigger change than I think anyone on the left seems to realize.