Mark Bloomfield writes:\u00a0 Election 2014 is upon us; all eyes are on targeted races around the country and the balance of power in Washington. One young French economist may shape outcomes on Nov. 4 and beyond more than any other candidate: Thomas Piketty. Since earlier this year, Piketty has made tremendous waves as a critic of free markets and an advocate of a global wealth tax in his bestselling academic treatise, Capital in the 21st Century. He has been published in over 20 countries, while his influence has been seen in governments from the Netherlands to Columbia. I even found the bestseller on bookshelves in South Africa during my recent trip there.<\/p>\n
Here in the U.S., he is providing the intellectual ammunition for President Obama and allies who call income inequality “the defining challenge of our time.”<\/p>\n
Of course, Piketty is not truly a candidate for office, but the buzz surrounding his repetitious messaging of “income inequality” is weighing on the psyche of voters. Consider a CNNMoney survey conducted earlier this summer. Nearly six in 10 respondents concluded that the American Dream is out of reach.
\nSo does this mean that voters will only support candidates that pledge to close the divide by hiking wages at the bottom or punishing super salaries at the top with pay caps, the Buffett Rule or even Piketty’s favorite global wealth tax?<\/p>\n
Not so fast. Another recent survey by the Global Strategy Group found by almost the same percentages that Americans prefer a candidate who focuses on economic growth to one who emphasizes economic fairness.<\/p>\n
The 2014 election will be the first test of Piketty and the inequality issue. The second will be in the 114th Congress, where the stage is already being set for a major discussion on tax reform. Paul Ryan (R-Wis.), the heir apparent to take the reins from retiring House Committee on Ways and Means Chairman Dave Camp (R-Mich.), forecasts that tax reform could happen within one to three years.<\/p>\n
On the campaign stump, several Republican candidates are departing from traditional red meat about “tax cuts” and talking more about real tax reform, such as California Rep. John Campbell, the No. 4 Republican on the House Budget Committee: “We have to stop being one-trick ponies. We can’t say tax cuts will cure this, cure that and cure the other thing, because it’s just not credible. The purpose of tax reform is not to cut revenue to the government or to cut taxes \u2014 it’s to grow the economy.”<\/p>\n
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