I guess it all depends on how you look at it…
Bush II chief economist and CBO director Douglas Holtz-Eakin attacking the millionaires tax:
Of course, the biggest misconception about the Buffett rule is that it would help balance the budget. Not really. A rough static estimate — meaning no assumptions about growth or changes in behavior — suggests that the additional revenue would amount to about $35 billion a year. This works out to less than 3 percent of the $1.3 trillion annual federal budget deficit.
Yale Law professor Stephen Carter beating the drum for
cat food austerity entitlement reform:
As everybody knows, there’s a lot of money to be saved in entitlements. Indeed, that’s where all the big budget savings are, had we but leaders courageous enough to tackle them. Moreover, there are no secrets. Raising the Social Security retirement age by one year, to 68, would save $70 billion between now and 2030. Raising the age by two years would save almost a quarter of a trillion dollars.
$35 billion a year from increasing taxes on those most able to afford it: Too trivial and insignificant to be worth the trouble.
$14 billion a year from forcing seniors to work until they’re 69: Woohoo, big money! Let’s do it!