Jan
20
2010

For 'Liberal' NYT, Taxing the Rich Is a Fringe Idea

The New York Times is one of the most effective tools for limiting discussion in the U.S. political system. Falsely perceived as a left-leaning outlet, it has the power to make the most reasonable proposals seem ultra-radical by placing them beyond the pale.

Take yesterday's review by Times book critic Michiko Kakutani (1/19/10) of progressive economist Joseph Stiglitz's Freefall: America, Free Markets and the Sinking of the World Economy. Kakutani says Stiglitz's accurate prediction of the financial crisis " lends credibility to his trenchant analysis of the causes of the fiscal meltdown," though at the same time she accuses him of "an I-told-you-so sanctimoniousness about both the recession and Washingtonâ┚¬Ã¢”ž¢s response."

It's when it comes to policy proposals, however, that Kakutani really has problems with the book: "Some of the suggestions that Mr. Stiglitz makes in these pages for reconfiguring the American economy (and American society) stray far from the realm of practical policy recommendations that actually have a chance of winning broad public support or being enacted by Congress." What are these way-out ideas? Well, for one thing, he suggests that "a 'redistribution of income' and more progressive taxation might help stabilize the economy." He also calls for "a new global reserve system" and criticizes America's "unrelenting pursuit of profits." Concludes Kakutani:

Such remarks not only give ammunition to conservative critics who want to dismiss Mr. Stiglitz as a European-style liberal, but they also have the unfortunate effect of diverting the reader's attention from the many shrewd assessments that he makes in Freefall about the causes and consequences of the great financial meltdown of 2008.

In other words, proposals like progressive taxation should be avoided because people might call you a liberal. This from the daily news outlet that was named by journalists most often when asked to name one that was "especially liberal."

For the record, taxing the rich is not an idea that has "a chance of winning broad public support"–it already has broad public support.

About Jim Naureckas

Extra! Magazine Editor Since 1990, Jim Naureckas has been the editor of Extra!, FAIR's monthly journal of media criticism. He is the co-author of The Way Things Aren't: Rush Limbaugh's Reign of Error, and co-editor of The FAIR Reader: An Extra! Review of Press and Politics in the '90s. He is also the co-manager of FAIR's website. He has worked as an investigative reporter for the newspaper In These Times, where he covered the Iran-Contra scandal, and was managing editor of the Washington Report on the Hemisphere, a newsletter on Latin America. Jim was born in Libertyville, Illinois, in 1964, and graduated from Stanford University in 1985 with a bachelor's degree in political science. Since 1997 he has been married to Janine Jackson, FAIR's program director. You can follow Jim on Twitter at @JNaureckas.