Everyone from President Obama to Jason Furman, the principal deputy director of the White House National Economic Council, to the Washington Post’s Dana Milbank to Politico’s Jim VandeHei, agree that the so-called Buffett Rule is a gimmick that has almost no bearing on the budget deficit. And for good reason. The Treasury Department confirms that the tax would raise at most $5 billion a year—or less than 0.5 percent of the $1.2 trillion fiscal 2012 budget deficit and, over the next decade, 0.1 percent of the $45.43 trillion the federal government will spend (for more, see here). By one estimate, the “Buffett Rule” would cover 17 days of the president’s next decade of deficits. So it’s not, in any sense, a serious or meaningful proposal. And yet it has, as the New York Times reports, become a “centerpiece” of the Obama re-election campaign.

So there you have it. The Obama presidency has reached the point where a policy that virtually everyone (including the president) concedes is a gimmick is now a centerpiece of Obama’s campaign.

There are many ways to measure the intellectual exhaustion of the Obama presidency. This isn’t a bad place to start.

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