Said Mankiw, waxing inventive,
"In defending the wealthy,
The common touch's healthy,
Thus, the low-wage example I went with."
Harvard economics professor Greg Mankiw, in his own words "a sometime advisor to Republicans" (including President George W. Bush as the chairman of his Council of Economic Advisors), wrote a New York Times piece advising President Barack Obama "how to break bread" with the new House majority. Professor Mankiw advised the President to mind the adverse incentives created by marginal tax rates, a pressing concern in the family office and corporate tax-planning community. As an example, he cited the phasing-out of the Making Work Pay tax credit for individuals making $75,000 a year.
After spending the rest of the week attempting to rebut Professor Mankiw's advice with limericks, Dr. Goose will be pleased to share the stage with him as the good professor moderates a panel of economic humorists, this Saturday night at 8:00 PM MST at the American Economic Association annual meeting. Those of you on the East Coast should click on the Live Webcast link at 10:00 PM EST.