The head of the President's Council of Economic Advisers told a group of DC insiders Friday that any feeling among the rich that the government is out to get them is needless "hyperventilating," reports The Hill. Speaking at the Christian Science Monitor's weekly breakfast, CEA chairman Jason Furman gave his own take on the state of the union.
"I think some is just hyperventilation around not paying attention to specific facts and data," stated Furman. "No one here is talking about 100 percent tax rates or 70 percent tax rates."
(At those rates, the oft-criticized theoretical effects of the Laffer Curve likely would kick in.)
Furman was cautiously optimistic regarding the new year's economy:
"We think the fiscal drag is mostly behind us. We could have strong growth, potentially stronger growth in 2014. We're not going to have anything of that magnitude in term of deficit reduction."
Via The Hill.