Reagan Revolution rollback

Here's how Matt O'Brien, the Washington Post/Wonkblog economics reporter, characterizes Obama's new tax proposals:

The state of the union is pretty good, actually, but President Obama has an idea to make it better: taxing Wall Street and the super-rich to make middle-class work even more worthwhile. It's Piketty with an American accent.

Okay, that's a little bit of an exaggeration, but not a huge one. Obama's State of the Union, you see, will call for $320 billion of new taxes on rentiers, their heirs, and the big banks to pay for $175 billion of tax credits that will reward work. In other words, it's fighting a two-front war against a Piketty-style oligarchy where today's hedge funders become tomorrow's trust funders. First, it's trying to slow the seemingly endless accumulation of wealth among the top 1, and really the top 0.1, no actually the top 0.001, percent by raising capital gains taxes on them while they're living and raising them on their heirs when they're dead. And second, it's trying to help the middle help itself by subsidizing work, child care, and education.

Stepping back, it's amazing the extent to which Thomas Piketty's tome Capital in the 21st Century, published in the U.S. in January 2014, has focused the U.S. policy debate on income inequality. Some economists have been talking about rising inequality since the 1980s, but Piketty and his colleague Emmanuel Saez have more recently put the spotlight on the very top -- the top 1%, .1% and .01% (they first published major findings pointing that way in 2003, but post-crisis updates have been making news in recent years). The book put the trends on the front pages. Now Democrats, after a rather disastrous pause to protect red-state senators in the 2014 election, are putting inequality front and center in their policy proposals.

Does Obama subject African Americans to "targeted scorn"?

Yesterday I put up some thoughts about Obama's commencement speech at Morehouse College, in blithe and admittedly self-imposed ignorance of what others had said about it (I plead lack of time, fatigue and eagerness to get my thoughts down -- and will also cop to not wanting to complicate that quick-stream).  I thought it was an awesome speech, in the pre-colloquial sense of awesome, as in awe-inspiring.

Ta-Nehisi Coates, however, greets the speech (and a parallel commencement address by Michelle) with a powerful indictment. In response to a passage in which Obama admonishes the Morehouse Men, "there's no longer any room for excuses" -- e.g., being held back by racism, Coates writes:

This clearly is a message that only a particular president can offer. Perhaps not the "president of black America," but certainly a president who sees holding African Americans to a standard of individual responsibility as part of his job. This is not a role Barack Obama undertakes with other communities.

Taking the full measure of the Obama presidency thus far, it is hard to avoid the conclusion that this White House has one way of addressing the social ills that afflict black people -- and particularly black youth -- and another way of addressing everyone else. I would have a hard time imagining the president telling the women of Barnard that "there's no longer room for any excuses" -- as though they were in the business of making them. Barack Obama is, indeed, the president of "all America," but he also is singularly the scold of "black America."

There is undoubtedly a lot of truth to this. As Fallows notes in response, though, Obama has to walk a razor-thin tightrope when addressing African Americans directly or matters of race generally -- or, better, as Fallows put it, "a tiny, little rope suspended across a Grand Canyon." By way of additional mitigation, Fallows notes,  "We all take a different tone in setting expectations for "our own."

I would add three further mitigating thoughts. First, in his admonishments throughout the speech, Obama was channeling the historic messages of Morehouse itself -- including in the passage Coates focused on: