Tuesday, November 27, 2012

CEOs fight for entitlements

Posted By on Tue, Nov 27, 2012 at 11:05 AM

Much was made of the war on women during the 2012 presidential campaign. But now that the election is over, a second war has begun. And it looks like this one will be waged against the poor and elderly.

Congress and the Obama administration are trying to reach an agreement on how to avoid the “fiscal cliff.” Both parties and their allies are arguing about tax rates and eliminating loopholes to find revenue.

But don’t worry; a group of the country’s top CEOs have a solution they’re going to try to sell you. The CEOs, some of the biggest names in US industries, are spending millions launching the “Campaign to Fix the Debt,” according to a column by Christina Wilkie and Ryan Grim for the Huffington Post. And their recommendation is predictably simple: cut Medicare, Medicaid, and Social Security.

The CEO’s, however, don’t think they should have to pay higher tax rates. And they’re fine with being at the receiving end of government entitlements for their enterprises.

“Many of the companies recommending austerity would be out of business without the heavy federal support they get, including Goldman Sachs and JP Morgan Chase, which both received billions in direct bailout cash, plus billions more indirectly through AIG and other companies taxpayers rescued,” according to Wilkie and Ryan.

And for those who insist government doesn’t create jobs, many of these CEOs are lobbying hard against cuts to defense spending. Those big government contracts are bread and butter to companies like GE, Boeing, and Honeywell.

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