As the 1 Percent Leaves the 99 Percent in the Dust, Bush’s Chief Economist is Smiling

by Gregory N. Heires

2008_Top1percentUSAPerhaps you shouldn’t be surprised that the chief economist during George W. Bush’s presidency seems happy that economic inequality in our country is at its most extreme since the Great Depression.

After all, the Bush administration delivered huge tax breaks to the wealthy, the very people described by the former president as his political base.

N. Gregory MankiwN. Gregory Mankiw, chair of Bush’s Council of Economic Advisers from 2003 to 2005, advisor to Republican presidential candidate Mitt Romey and now chair and professor of economics at Harvard University, created a stir with his pre-publication release of a new paper entitled, “In Defense of the One Percent.”

Author of the college textbook “Principles of Economics,” Mankiw stands behind conservative political and economic policies whose success has come at a high social cost. Continue reading