Google CEO Defends Obama’s Economic Proposals

Jonathan Weisman reports from Lake Worth, Fla., on the presidential race. Joe the Plumber wouldn’t face a tax hike under Barack Obama ’s proposed tax plan, but Google Chief Executive Eric Schmidt sure would–and he still supports it. Schmidt ranks 59th on Forbes Magazine’s 2008 list of the 400 Richest Americans. Meeting with reporters after an economic summit here, Schmidt countered claims from John McCain ’s campaign and any number of the Republican’s business supporters that Obama’s plan to raise taxes on families above $250,000 would harm an ailing economy. Schmidt added Obama’s economic policies do not amount to socialism–as McCain and his running mate claim–although they are not quite pure capitalism either. “If you look at the math of the income distribution, the vast majority of the income is in the middle class in our country. It’s not among the top one percent,” Schmidt said. “So if you want to solve the various problems, you have to get that ... (link)