President Barack Obama is responding to new tax plans, as he is clearly prompted by the high tension that Occupy Wall Street introduced to the wage issues in America. James K. Galbraith, an Economist special to CNN, explains that Obama’s recent “Buffett Rule” proposal will raise tax revenue from the rich while reserving concessions for banks, venture capitalists and insurance companies. The professor connects this issue to various reports regarding attempts to raise state or federal minimum wages. Under these plans, many American’s would receive higher income, especially in Southern states.
Galbraith claims that the Buffett Rule and the proposed minimum wage increases aim to address the, “issue of income inequality.” In the current climate of wealth-based tension, the media plays a huge role in these measures as unrest can prompt dramatic calls for action from the president, and apparently from individual state legislatures that hope to change the economic climate.