The White House has some bones to pick with Thomas Piketty.

The French economist roared to acclaim this year, especially among liberal economists, for his book Capital in the Twenty-First Century. The book’s central tenet: that economic inequality is poised to rise.

But Jason Furman, the chairman of President Barack Obama‘s Council of Economic Advisers, is out with a paper this morning for the Milken Institute Review that critiques several of Mr. Piketty’s central arguments.