What Is the "Liberal" Obama Administration's Beef with Economist Thomas Piketty?

The French economist Thomas Piketty's book on the future of inequality is the buzz of the economics world this season. Now President Obama's chief economist has weighed in on its thesis, the first time a senior administration official has discussed it in detail. And he is skeptical of some key assumptions upon which 'Capital in the Twenty-First Century,' Mr. Piketty's sweeping book, is based.

"Jason Furman, the chairman of the Council of Economic Advisers, grappled with Mr. Piketty's book in a speech on the global economy in Ireland on Wednesday.

"Mr. Furman starts with a relatively straightforward description of Mr. Piketty's arguments and the rise in inequality in the United States over recent decades, trying to peel apart how much of that broad story — greater inequality in income and wealth than in the past — is attributable to changes in how people are paid for their labors and how much to a shift in returns and ownership of capital.'

In this clip The Young Turks' Cenk Uygur explains why the Obama Administration, ostensibly leaders in pushing a liberal agenda, want nothing to do with Thomas Piketty and his analysis of the structural problems of capitalism driving income inequality.

http://youtu.be/OrdL8x1lqhk