Goolsbee, however, says globalization is responsible for “a small fraction” of today’s income disparities. He says that “60 to 70 percent of the economy faces virtually no international competition.” America’s 18.5 million government employees have little to fear from free trade; so do auto mechanics, dentists and many others.
This is what George Will had to say about Obama’s Friedmanite, Neo Liberal adviser.
Goolsbee no doubt has lots of dubious ideas — he is, after all, a Democrat — about how government can creatively fiddle with the market’s allocation of wealth and opportunity. But he seems to be the sort of person — amiable, empirical and reasonable — you would want at the elbow of a Democratic president, if such there must be.
Another Obama adviser is Liebman, co-author of the Nonpartisan Social Security Reform Plan. After reading through the plan, it sounds more like something Fred Thompson would be pushing. Here is what the benefit cuts would look like.
The LMS plan reduces scheduled benefits so that they can be covered by the current 12.4
percent payroll tax.2 This represents a 35 percent reduction in aggregate spending
relative to current benefit formulas. Because benefits for the disabled and young
survivors are not reduced, the retirement benefit cut for a typical worker is larger—about
43 percent.3 The benefit cuts are implemented by changing the primary insurance amount PIA) formula and by increasing the full benefit age (68 years old).
Where will the other half of the revenue come from. You guessed it, additional social security taxes.
In order to keep total expected retirement benefits at levels comparable to those specified in current law, the LMS plan establishes personal retirement accounts equal to 3 percent of taxable payroll (using the current-law maximum as the cap).
Now, I know Obama is suppose to be the great liberal hope. He is also suppose to represent change, that is so badly needed after 8 years of Neo Conservatism. The truth of the matter is Obama is Neo Liberal through and through. He is not a reformer but a Clintonista Neo Liberal on steroids.