Those of us who work for progressive think tanks are always happy when one of the better funded centrist outfits replicates our work, since the findings are then more likely to get attention in major news outlets. For this reason, it was great to see that the Robert Rubin funded Hamilton Project had done a short paper analyzing trends in earnings by education level over the last two decades. This piece got written up in the NYT’s Upshot section by Neil Irwin.
While the Hamilton Project folks got some things right — workers without college degrees have been big losers over the last two decades — they also missed much of the story. Since they only looked at endpoints, they failed to recognize that even workers with college degrees have seen their wages stagnate since the turn of the century.
This makes the technology driving down wages story harder to sell. That story is supposed to mean that there is a shift in demand from less-educated workers to more educated workers. But if even the wages of college grads are falling or stagnant, then it is hard to make a case that there has been a shift in demand towards more educated workers.
They also are somewhat sloppy in discussing globalization as though it is an event that occurred as opposed to a policy of the U.S. government. We have designed our trade agreements to put U.S. manufacturing workers in direct competition with low paid workers in the developing world. The predicted and actual effect of this competition is to drive down the wages of U.S. manufacturing workers and less–educated workers more generally.
However, we have largely left in place the barriers that protect doctors, lawyers, dentists and other highly paid professionals from competition with their lower paid counterparts in the developing world. This was a policy choice, not an inevitable process of globalization.
The focus on endpoints also caused the Hamilton Project folks to miss the sharp upturn in wages for less-educated workers during the low unemployment years of the late 1990s. Our research has found that low rates of unemployment disproportionately benefit those at the bottom end of the wage distribution. We have not returned to the low unemployment of the the late 1990s because of a decision not to have a larger stimulus or to address the problem of an over-valued dollar that is giving us large trade deficits. (Yes, this is directly relevant to the lack of currency rules in the Trans-Pacific Partnership.) As a result, the economy does not have the demand needed to get back to full employment. (If the Federal Reserve Board raises interest rates to slow growth, it also will not help in the effort to get back to full employment.)
In any case, the decision to not have a full employment economy is also a policy choice. In short, it’s touching to read the Hamilton Project people’s plea that we should see inequality as both an issue of policy and technology, but if they had done more careful research, they would realize they don’t have much evidence for the technology portion of their argument.
Those of us who work for progressive think tanks are always happy when one of the better funded centrist outfits replicates our work, since the findings are then more likely to get attention in major news outlets. For this reason, it was great to see that the Robert Rubin funded Hamilton Project had done a short paper analyzing trends in earnings by education level over the last two decades. This piece got written up in the NYT’s Upshot section by Neil Irwin.
While the Hamilton Project folks got some things right — workers without college degrees have been big losers over the last two decades — they also missed much of the story. Since they only looked at endpoints, they failed to recognize that even workers with college degrees have seen their wages stagnate since the turn of the century.
This makes the technology driving down wages story harder to sell. That story is supposed to mean that there is a shift in demand from less-educated workers to more educated workers. But if even the wages of college grads are falling or stagnant, then it is hard to make a case that there has been a shift in demand towards more educated workers.
They also are somewhat sloppy in discussing globalization as though it is an event that occurred as opposed to a policy of the U.S. government. We have designed our trade agreements to put U.S. manufacturing workers in direct competition with low paid workers in the developing world. The predicted and actual effect of this competition is to drive down the wages of U.S. manufacturing workers and less–educated workers more generally.
However, we have largely left in place the barriers that protect doctors, lawyers, dentists and other highly paid professionals from competition with their lower paid counterparts in the developing world. This was a policy choice, not an inevitable process of globalization.
The focus on endpoints also caused the Hamilton Project folks to miss the sharp upturn in wages for less-educated workers during the low unemployment years of the late 1990s. Our research has found that low rates of unemployment disproportionately benefit those at the bottom end of the wage distribution. We have not returned to the low unemployment of the the late 1990s because of a decision not to have a larger stimulus or to address the problem of an over-valued dollar that is giving us large trade deficits. (Yes, this is directly relevant to the lack of currency rules in the Trans-Pacific Partnership.) As a result, the economy does not have the demand needed to get back to full employment. (If the Federal Reserve Board raises interest rates to slow growth, it also will not help in the effort to get back to full employment.)
In any case, the decision to not have a full employment economy is also a policy choice. In short, it’s touching to read the Hamilton Project people’s plea that we should see inequality as both an issue of policy and technology, but if they had done more careful research, they would realize they don’t have much evidence for the technology portion of their argument.
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Did someone in Japan call the Washington Post’s news reporting “crappy?” Usually newspapers refrain from name-calling, especially in the news section, but this is the Washington Post, there we find the paper telling us:
“With a rapidly aging society and miserable birth rate, Japan hasn’t been able to replace the people leaving outlying towns and cities as quickly as they’ve departed.”
“Miserable” in this context means “low.” Given that Japan is a densely populated country, it is not clear why anyone should see it as a bad thing that the country may be less densely populated in the future and contribute less to global warming, but obviously this prospect has the Post upset.
This story, about a school that has lost most of its pupils, could be written about thousands of towns across the United States over the last five decades and certainly many more in the decades ahead. These can be sad stories, but hardly amount to a national crisis. More generally, the demographic horror story that the Post and others like to tell about Japan cannot stand up to simple arithmetic. Even very modest rates of productivity growth will raise living standards by far more than demographic changes could possibly lower them.
Did someone in Japan call the Washington Post’s news reporting “crappy?” Usually newspapers refrain from name-calling, especially in the news section, but this is the Washington Post, there we find the paper telling us:
“With a rapidly aging society and miserable birth rate, Japan hasn’t been able to replace the people leaving outlying towns and cities as quickly as they’ve departed.”
“Miserable” in this context means “low.” Given that Japan is a densely populated country, it is not clear why anyone should see it as a bad thing that the country may be less densely populated in the future and contribute less to global warming, but obviously this prospect has the Post upset.
This story, about a school that has lost most of its pupils, could be written about thousands of towns across the United States over the last five decades and certainly many more in the decades ahead. These can be sad stories, but hardly amount to a national crisis. More generally, the demographic horror story that the Post and others like to tell about Japan cannot stand up to simple arithmetic. Even very modest rates of productivity growth will raise living standards by far more than demographic changes could possibly lower them.
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The NYT gave us yet another account of how the machines are taking our jobs. This one carries the warning that they are taking the jobs of highly educated workers as well, not just less-educated workers. This story apparently carries lot of appeal among elite types (i.e. people who write for the NYT) even if it has little basis in reality.
We have a very good way to measure the extent to which machines are taking our jobs. It’s called “productivity growth.” It means the extent to which we can produce more output with the same amount of human labor. If the machines are taking our jobs, productivity growth should be very fast.
It isn’t. Productivity growth was very fast in the years from 1947-73. It grew at a pace of roughly 3.0 percent annually. This was a period of strong wage growth and low unemployment. It then fell to around 1.5 percent annually from 1973-1995. There was then a pick-up to close to 3.0 percent annually in the years from 1995 to 2005. (For some technical reasons, like a faster pace of depreciation in the more recent period, the 1947-73 productivity growth was much stronger.) Since 2005 productivity growth has fallen to an average rate of about 1.5 percent. In the last two years it has been under 1.0 percent.
While it is likely that the weak productivity growth is at least partly due to the weak growth of the economy, it is clear that rapid productivity growth is not the cause of weak labor demand. In other words, the machines are only taking our jobs in the NYT, this is not a problem in the economy.
This point matters because if machines our taking our jobs then the problem of high unemployment and stagnant wage growth is a technology story. If the story is not machines then it implies the problem is bad economic policy. For example, bad macroeconomic policy has limited demand, trade policy has been designed to put downward pressure on the wages of middle income workers while protecting highly educated professionals, and the government subsidizes the Wall Street boys and girls with bailouts and tax favors. The evidence supports the policy view but the NYT and other major news outlets continue to promote the technology story anyhow.
The NYT gave us yet another account of how the machines are taking our jobs. This one carries the warning that they are taking the jobs of highly educated workers as well, not just less-educated workers. This story apparently carries lot of appeal among elite types (i.e. people who write for the NYT) even if it has little basis in reality.
We have a very good way to measure the extent to which machines are taking our jobs. It’s called “productivity growth.” It means the extent to which we can produce more output with the same amount of human labor. If the machines are taking our jobs, productivity growth should be very fast.
It isn’t. Productivity growth was very fast in the years from 1947-73. It grew at a pace of roughly 3.0 percent annually. This was a period of strong wage growth and low unemployment. It then fell to around 1.5 percent annually from 1973-1995. There was then a pick-up to close to 3.0 percent annually in the years from 1995 to 2005. (For some technical reasons, like a faster pace of depreciation in the more recent period, the 1947-73 productivity growth was much stronger.) Since 2005 productivity growth has fallen to an average rate of about 1.5 percent. In the last two years it has been under 1.0 percent.
While it is likely that the weak productivity growth is at least partly due to the weak growth of the economy, it is clear that rapid productivity growth is not the cause of weak labor demand. In other words, the machines are only taking our jobs in the NYT, this is not a problem in the economy.
This point matters because if machines our taking our jobs then the problem of high unemployment and stagnant wage growth is a technology story. If the story is not machines then it implies the problem is bad economic policy. For example, bad macroeconomic policy has limited demand, trade policy has been designed to put downward pressure on the wages of middle income workers while protecting highly educated professionals, and the government subsidizes the Wall Street boys and girls with bailouts and tax favors. The evidence supports the policy view but the NYT and other major news outlets continue to promote the technology story anyhow.
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Apparently the NYT feels it has to protect Chris Christie from his unpopular proposals. In an article on the Republican presidential candidates, it told readers:
“He [Christie] has not spent as much time in New Hampshire as some other candidates, and he chose to focus on introducing his own policy ideas, like major changes to Social Security, Medicare and Medicaid.”
Christie has proposed raising the normal retirement age to 69, which is equivalent to a 12 percent cut in benefits. He would also raise the early retirement age, when people are first eligible for benefits, from 62 to 64. In addition, he would cut benefits for people with income over $80,000 a year and eliminate them altogether for people with incomes over $200,000.
These are very serious cuts to Social Security. The NYT should be reporting what Governor Christie is proposing for Social Security, not using euphemisms to hide the substance of the plan he has put forward.
Note: Numbers corrected, thanks John.
Apparently the NYT feels it has to protect Chris Christie from his unpopular proposals. In an article on the Republican presidential candidates, it told readers:
“He [Christie] has not spent as much time in New Hampshire as some other candidates, and he chose to focus on introducing his own policy ideas, like major changes to Social Security, Medicare and Medicaid.”
Christie has proposed raising the normal retirement age to 69, which is equivalent to a 12 percent cut in benefits. He would also raise the early retirement age, when people are first eligible for benefits, from 62 to 64. In addition, he would cut benefits for people with income over $80,000 a year and eliminate them altogether for people with incomes over $200,000.
These are very serious cuts to Social Security. The NYT should be reporting what Governor Christie is proposing for Social Security, not using euphemisms to hide the substance of the plan he has put forward.
Note: Numbers corrected, thanks John.
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Neil Irwin had an interesting Upshot piece that noted polling data showing people do not favor much higher taxes on the rich. It questioned why it was that people were opposed to redistribution even though inequality has become a major national concern.
A major problem with this sort of analysis is that it treats distribution as though it is only a function of tax policy. This is clearly secondary. The upward redistribution of the last 35 years was overwhelmingly the result of government policies that structured the market to favor the wealthy.
For example, trade policy has been quite explicitly designed to put manufacturing workers in direct competition with low-paid workers in the developing world. The predicted and actual effect of this policy is to reduce their wages and also the wages of non-college educated workers more generally. By contrast, doctors and other highly-paid professionals (who comprise much of the one percent) have been largely protected from international competition. The argument for exposing these professionals to competition is the same as the argument for trade more generally: it will lead to lower prices and more economic growth. But because of the political power of these groups, free trade in the services of doctors and other professionals is not even discussed in polite circles.
The Federal Reserve Board has also quite explicitly adopted policies that keep unemployment higher than in the years prior to 1980. Higher rates of unemployment not only deny workers jobs, but they also reduce their bargaining power, thereby preventing them from getting wage increases. The government’s labor policies have also been much more hostile to workers over the last three decades, making it far more difficult to form unions. And, the government handed out trillions of dollars in below-market interest rate loans to rescue Wall Street banks and prevent the market from working its magic.
Given a whole set of policies that have redistributed a massive amount of income upward, it is understandable that many people would not trust the government to be taxing the rich to help the poor and middle class.
Neil Irwin had an interesting Upshot piece that noted polling data showing people do not favor much higher taxes on the rich. It questioned why it was that people were opposed to redistribution even though inequality has become a major national concern.
A major problem with this sort of analysis is that it treats distribution as though it is only a function of tax policy. This is clearly secondary. The upward redistribution of the last 35 years was overwhelmingly the result of government policies that structured the market to favor the wealthy.
For example, trade policy has been quite explicitly designed to put manufacturing workers in direct competition with low-paid workers in the developing world. The predicted and actual effect of this policy is to reduce their wages and also the wages of non-college educated workers more generally. By contrast, doctors and other highly-paid professionals (who comprise much of the one percent) have been largely protected from international competition. The argument for exposing these professionals to competition is the same as the argument for trade more generally: it will lead to lower prices and more economic growth. But because of the political power of these groups, free trade in the services of doctors and other professionals is not even discussed in polite circles.
The Federal Reserve Board has also quite explicitly adopted policies that keep unemployment higher than in the years prior to 1980. Higher rates of unemployment not only deny workers jobs, but they also reduce their bargaining power, thereby preventing them from getting wage increases. The government’s labor policies have also been much more hostile to workers over the last three decades, making it far more difficult to form unions. And, the government handed out trillions of dollars in below-market interest rate loans to rescue Wall Street banks and prevent the market from working its magic.
Given a whole set of policies that have redistributed a massive amount of income upward, it is understandable that many people would not trust the government to be taxing the rich to help the poor and middle class.
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According to inside reports, the main reason the Washington Post opposes nuclear war is because of its impact on the budget deficit. The paper’s never ending obsession with the budget deficit, even as it is clear that we have been suffering from a deficit that is too small, is a testament to the ability of people to ignore reality.
Ruth Marcus treated us to another example of this obsession when she warned of a restructuring of Medicare payments that comes at the cost of:
“a whopping half-a-trillion dollars over the next 20 years… .”
A bit of context might be helpful here. While none of us will see a half trillion dollars in our lifetime, the federal government will see considerably more than this over the next twenty years.
The Congressional Budget Office projects GDP will be more than $550 trillion over the next two decades, making this whopping sum less than 0.1 percent of GDP over this period. Federal revenue will be roughly $100 trillion so this comes to around half of one percent of projected revenue. That’s hardly trivial, but if it’s “whopping,” then whopping ain’t what it used to be.
It is also worth noting that if Ruth Marcus and the Washington Post are really concerned about budget deficits, they could support more expansionary policy from the Fed. In addition to giving millions of workers jobs and tens of millions the bargaining power they need to get pay increases, lower unemployment due to expansionary Fed policy can easily knock $2 trillion off the size of the deficit over the next decade. That’s four times “whopping.” (It could also support trade policy that reduces health care costs by exposing doctors to international competition and weakens patent protection for drugs.)
According to inside reports, the main reason the Washington Post opposes nuclear war is because of its impact on the budget deficit. The paper’s never ending obsession with the budget deficit, even as it is clear that we have been suffering from a deficit that is too small, is a testament to the ability of people to ignore reality.
Ruth Marcus treated us to another example of this obsession when she warned of a restructuring of Medicare payments that comes at the cost of:
“a whopping half-a-trillion dollars over the next 20 years… .”
A bit of context might be helpful here. While none of us will see a half trillion dollars in our lifetime, the federal government will see considerably more than this over the next twenty years.
The Congressional Budget Office projects GDP will be more than $550 trillion over the next two decades, making this whopping sum less than 0.1 percent of GDP over this period. Federal revenue will be roughly $100 trillion so this comes to around half of one percent of projected revenue. That’s hardly trivial, but if it’s “whopping,” then whopping ain’t what it used to be.
It is also worth noting that if Ruth Marcus and the Washington Post are really concerned about budget deficits, they could support more expansionary policy from the Fed. In addition to giving millions of workers jobs and tens of millions the bargaining power they need to get pay increases, lower unemployment due to expansionary Fed policy can easily knock $2 trillion off the size of the deficit over the next decade. That’s four times “whopping.” (It could also support trade policy that reduces health care costs by exposing doctors to international competition and weakens patent protection for drugs.)
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The paper must have assumed everyone knew the answer to this question since it didn’t bother to put these budget numbers in any context, like expressing them as a share of the total budget. These numbers appeared in an article on the fiscal situations of states this year.
Incredibly, the article threw out numbers for budget shortfalls and gave readers no context whatsoever. While the Post undoubtedly has a well-educated readership, it is not likely that many are familiar with the relative sizes of different state budgets.
The Post’s reporter could have taken five minutes to look up these numbers. This would have made it possible to tell readers that Kansas’ $1 billion shortfall is a bit more than 4 percent of its $24 billion budget, while Pennsylvania’s $1.8 billion gap is a bit more than 1.3 percent of its $130 billion budget.
Is there some reason that a reporter can’t spare the few minutes necessary to write these numbers in a way that would make them meaningful to most of the people who read them? Is there some reason that the Post’s editors don’t demand they put numbers in context rather than writing numbers that are meaningless to almost everyone who reads them?
The paper must have assumed everyone knew the answer to this question since it didn’t bother to put these budget numbers in any context, like expressing them as a share of the total budget. These numbers appeared in an article on the fiscal situations of states this year.
Incredibly, the article threw out numbers for budget shortfalls and gave readers no context whatsoever. While the Post undoubtedly has a well-educated readership, it is not likely that many are familiar with the relative sizes of different state budgets.
The Post’s reporter could have taken five minutes to look up these numbers. This would have made it possible to tell readers that Kansas’ $1 billion shortfall is a bit more than 4 percent of its $24 billion budget, while Pennsylvania’s $1.8 billion gap is a bit more than 1.3 percent of its $130 billion budget.
Is there some reason that a reporter can’t spare the few minutes necessary to write these numbers in a way that would make them meaningful to most of the people who read them? Is there some reason that the Post’s editors don’t demand they put numbers in context rather than writing numbers that are meaningless to almost everyone who reads them?
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That’s the question millions are asking after reading Matthew Yglesias’ piece arguing that former Obama political adviser David Plouffe is cashing in the right way by working as a lobbyist for Uber. Matt argues that Plouffe is getting rich by openly arguing for a cause that he believes in. I’m not convinced.
First, Matt argues that if Plouffe thought the incumbent taxi industry was mostly right in its battles with Uber, then he could have gone to work lobbying for them. While this is true, my guess is that the incumbent cab industry would have a hard time coming up with the same sort of paycheck as Uber, a company with a $40 billion market capitalization. I doubt the industry collectively can come close to matching a $40 billion market capitalization. Furthermore, given the difficulties of coordination, it is extremely unlikely that their association would be able to toss around the same sort of cash for lobbyists as Uber even if the incumbents collectively had the same resources.
The other more important reason why I’m not convinced that Plouffe believes that he is on the side of the angels, is that the angels don’t have to cheat to make their case. Here I’m referring to the study that Alan Krueger, the former head of Obama’s Council of Economic Advisers, did on the pay of Uber drivers. Uber gave Kreuger data on drivers’ gross earnings per trip, as well as the number of trips they did per hour. This allowed Krueger to calculate that they grossed on average $6.00 an hour more than the net earnings of drivers for the incumbent cab industry.
What Krueger could not do was make a comparison of net earnings. While there is no way for Uber to know exactly how much it costs its drivers for each mile driven, we do have data on this issue. (The IRS puts the cost at 57 cents per mile.) This means that if we know the length of an average trip, then we could get a pretty good estimate of the net earnings of Uber drivers. (Actually, we would still need to factor in miles driven to and from pick-ups and dropoffs.)
Unfortunately, Krueger tells us that he didn’t have data on average miles per trip. Of course Uber would have very good data on miles per trip. If Kreuger didn’t have the data it’s because Uber chose not to give it to him. Presumably Uber opted not to share the data on miles per trip because it knew the data would make them look bad. Therefore, it opted to withhold these data from Kreuger so he could not do a full analysis.
Getting back to Plouffe’s motives, if he really believed in the virtues of Uber, then he should not have a problem with Uber giving all the data to Kreuger and letting him tell the whole story. The fact that Uber withheld the data indicates that Plouffe and the folks at Uber feel they have something to hide and therefore don’t entirely believe in the merits of their case. (I’m assuming that Plouffe was involved in arranging this study.)
So I’m afraid I can’t agree with Matt here. My guess is that Plouffe went with the highest bidder.
That’s the question millions are asking after reading Matthew Yglesias’ piece arguing that former Obama political adviser David Plouffe is cashing in the right way by working as a lobbyist for Uber. Matt argues that Plouffe is getting rich by openly arguing for a cause that he believes in. I’m not convinced.
First, Matt argues that if Plouffe thought the incumbent taxi industry was mostly right in its battles with Uber, then he could have gone to work lobbying for them. While this is true, my guess is that the incumbent cab industry would have a hard time coming up with the same sort of paycheck as Uber, a company with a $40 billion market capitalization. I doubt the industry collectively can come close to matching a $40 billion market capitalization. Furthermore, given the difficulties of coordination, it is extremely unlikely that their association would be able to toss around the same sort of cash for lobbyists as Uber even if the incumbents collectively had the same resources.
The other more important reason why I’m not convinced that Plouffe believes that he is on the side of the angels, is that the angels don’t have to cheat to make their case. Here I’m referring to the study that Alan Krueger, the former head of Obama’s Council of Economic Advisers, did on the pay of Uber drivers. Uber gave Kreuger data on drivers’ gross earnings per trip, as well as the number of trips they did per hour. This allowed Krueger to calculate that they grossed on average $6.00 an hour more than the net earnings of drivers for the incumbent cab industry.
What Krueger could not do was make a comparison of net earnings. While there is no way for Uber to know exactly how much it costs its drivers for each mile driven, we do have data on this issue. (The IRS puts the cost at 57 cents per mile.) This means that if we know the length of an average trip, then we could get a pretty good estimate of the net earnings of Uber drivers. (Actually, we would still need to factor in miles driven to and from pick-ups and dropoffs.)
Unfortunately, Krueger tells us that he didn’t have data on average miles per trip. Of course Uber would have very good data on miles per trip. If Kreuger didn’t have the data it’s because Uber chose not to give it to him. Presumably Uber opted not to share the data on miles per trip because it knew the data would make them look bad. Therefore, it opted to withhold these data from Kreuger so he could not do a full analysis.
Getting back to Plouffe’s motives, if he really believed in the virtues of Uber, then he should not have a problem with Uber giving all the data to Kreuger and letting him tell the whole story. The fact that Uber withheld the data indicates that Plouffe and the folks at Uber feel they have something to hide and therefore don’t entirely believe in the merits of their case. (I’m assuming that Plouffe was involved in arranging this study.)
So I’m afraid I can’t agree with Matt here. My guess is that Plouffe went with the highest bidder.
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It’s repeal the estate tax season, which means we are hearing all sorts of nonsense about how the tax forces people to sell their family farm or business. It should be self-evident that this is nonsense since no one owes a penny of tax on an estate worth less than $5.4 million. And, just to be clear, this is net of debt. If the “family farm” is worth $10 million, but comes with $5 million in debt, then the net worth is $5 million, meaning the kids get it after paying zero in tax.
But if you still think that families are losing their farms because of the tax, then it’s worth going back to an old NYT story by David Cay Johnston. Johnston called the American Farm Bureau, a major lobbyist against the tax, and asked to be put in contact with someone who had lost their farm due to the estate tax. The Farm Bureau could not produce a single family anywhere in the country who had lost their farm as a result of the tax.
In short, families do not lose farms or businesses due to the estate tax. They lose them because the next generation doesn’t feel like operating them. This is just one more story that politicians tell in order to justify reducing taxes on the very wealthy. The media should point this fact out.
It’s repeal the estate tax season, which means we are hearing all sorts of nonsense about how the tax forces people to sell their family farm or business. It should be self-evident that this is nonsense since no one owes a penny of tax on an estate worth less than $5.4 million. And, just to be clear, this is net of debt. If the “family farm” is worth $10 million, but comes with $5 million in debt, then the net worth is $5 million, meaning the kids get it after paying zero in tax.
But if you still think that families are losing their farms because of the tax, then it’s worth going back to an old NYT story by David Cay Johnston. Johnston called the American Farm Bureau, a major lobbyist against the tax, and asked to be put in contact with someone who had lost their farm due to the estate tax. The Farm Bureau could not produce a single family anywhere in the country who had lost their farm as a result of the tax.
In short, families do not lose farms or businesses due to the estate tax. They lose them because the next generation doesn’t feel like operating them. This is just one more story that politicians tell in order to justify reducing taxes on the very wealthy. The media should point this fact out.
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