Our Take: As campaigning for this year's presidential election is underway, President Obama's potential to have a lead over Mitt Romney is in question. The main issue that cuts Obama at the knees is his approach to mending the fallen economy. In this article, Thomas L. Friedman discusses Obama administration's attempts at creating new fiscal policy endorsed by Warren Buffet, its failures and what Obama should do to appear as a leader in the coming election.
Obama got Buffett to endorse the Buffett Rule a minimum tax rate of 30 percent for any individual who makes more than $1 million a year so that all millionaires have to pay a higher tax rate than their secretaries. The plan had no chance of passing, would have made only a small dent in the deficit and was rightly decried by experts as a gimmick that only diverted attention from what we really need: comprehensive tax reform that can substantially raise revenue in a fairer manner. The Buffett Rule has largely faded away.
What a waste of Warren Buffetts credibility.