OMB director: "We're not saying there's anything wrong with people earning a lot"

Jack Lew today couldn't say how an additional tax on millionaires and billionaires will create jobs – and barely confirmed that he thinks such a tax will at least contribute to deficit reduction. The director of the Office of Management and Budget appeared this morning on Fox News' "Happening Now" to defend the president's just-announced proposals to trim the deficit – proposals that are a part of his overall jobs plan. Fox's Jenna Lee asked Lew how the tax will reduce the nation's high rate of unemployment. "Today's plan puts into place a balanced, fair approach to doing the $ 4 trillion of deficit reduction we need to get to a point where our deficit as a percentage of the economy is at a sustainable level," Lew told her. "Whichever way you go is a hard choice. There's a Republican budget in the House that would make severe changes in Medicare and turn it into a voucher program. It would reduce spending on things like education and research and development to the point where we couldn't invest in what we need for the future. "Better to tax the super rich, Lew suggested. "We believe there's a fundamental unfairness to have middle class people paying higher marginal tax rates than millionaires and billionaires," Lew said. "We're not saying we should have a confiscatory tax rate; we're saying it's just not fair to have a world where it's so unbalanced." (Excerpt) Read more at hotair.com …