Alan Auerbach Assesses Obama’s Plan to Reduce Fiscal Deficit

Charlie Rose, June 10, 2009 by Charlie Rose
http://www.charlierose.com/view/interview/10376

“What he’s proposed is actually a fairly modest change from the current policy. He would cut back on tax benefits for people with incomes over $250,000, that’s a start. He would raise money through the cap-and-trade proposal for energy, that is a second step. Of course we’ve been discussing the fact that congress is probably not going to pass them. Those two things together are really just a modest first step. They don’t represent even a small fraction of the adjustment to the tax system that we would need to make a serious effort at bringing our fiscal policy back into line.”