Later On

A blog written for those whose interests more or less match mine.

Class warfare offensive from the wealthy

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Many policies from the GOP/Right are understandable on the assumption that they simply hate poor people: all the efforts to end Medicare, Social Security, Food Stamps, public education, mass transit, and the like make sense on that basis.

Here’s the latest offensive—and “offensive” in both senses of the word: this article by Lynn Stuart Parramore:

New York magazine calls it [3] a “Mass Movement for Millionaires.” The New York Times’ Paul Krugman sums up the idea [4]: “Hey, sacrifice is for the little people.”

The Campaign to Fix the Debt [5] is a huge, and growing, coalition of powerful CEOs, politicians and policy makers on a mission to lower taxes for the rich and to cut Social Security, Medicare and Medicaid under the cover of concern about the national debt. The group was spawned in July 2012 by Erskine Bowles and Alan Simpson, architects of a misguided deficit reduction scheme in Washington back in 2010. By now, the “fixers” have collected a war chest of $43 million. Private equity billionaire Peter G. Peterson, longtime enemy of the social safety net, is a major supporter.

This new Wall Street movement, which includes Republicans and plenty of Democrats, is hitting the airwaves, hosting roundtables, gathering at lavish fundraising fêtes, hiring public relations experts, and traveling around the country to push its agenda. The group aims to seize the moment of the so-called “fiscal cliff” debate to pressure President Obama to concede to House Republicans and continue the Bush income tax cuts for the rich while shredding the social safety net. The group includes Goldman Sachs’ Lloyd Blankfein, JPMorgan Chase’s Jamie Dimon, Honeywell’s David Cote, Aetna’s Mark Bertolini, Delta Airlines’ Richard Anderson, Boeing’s W. James McNerney, and over 100 other influential business honchos and their supporters.

Corporations represented by the fixers have collected massive bailouts from taxpayers and gigantic subsidies from the government, and they enjoy tax loopholes that in many cases bring their tax bills down to zero. Sometimes their creative accountants even manage to get money back from Uncle Sam. For instance, according to Citizens for Tax Justice, Boeing has paid a negative 6.5 percent tax rate for the last decade, even though it was profitable every year from 2002 through 2011.

These CEOs talk about shared sacrifice, but it seems that they don’t intend to share anything but your retirement money with their wealthy friends. As New York mag reports: . . .

Continue reading.

Written by LeisureGuy

4 December 2012 at 11:57 am

Posted in Daily life, GOP, Government

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