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Old 11-25-2012, 04:39 PM
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CEO Council Demands Cuts To Poor, Elderly While Reaping Billions In Government

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The corporate CEOs who have made a high-profile foray into deficit negotiations have themselves been substantially responsible for the size of the deficit they now want closed.

The companies represented by executives working with the Campaign To Fix The Debt have received trillions in federal war contracts, subsidies and bailouts, as well as specialized tax breaks and loopholes that virtually eliminate the companies' tax bills.

The CEOs are part of a campaign run by the Peter Peterson-backed Center for a Responsible Federal Budget, which plans to spend at least $30 million pushing for a deficit reduction deal in the lame-duck session and beyond.

During the past few days, CEOs belonging to what the campaign calls its CEO Fiscal Leadership Council -- most visibly, Goldman Sachs' Lloyd Blankfein and Honeywell's David Cote -- have barnstormed the media, making the case that the only way to cut the deficit is to severely scale back social safety-net programs -- Medicare, Medicaid, and Social Security -- which would disproportionately impact the poor and the elderly.

As part of their push, they are advocating a "territorial tax system" that would exempt their companies' foreign profits from taxation, netting them about $134 billion in tax savings, according to a new report from the Institute for Policy Studies titled "The CEO Campaign to ‘Fix’ the Debt: A Trojan Horse for Massive Corporate Tax Breaks" -- money that could help pay off the federal budget deficit.

Yet the CEOs are not offering to forgo federal money or pay a higher tax rate, on their personal income or corporate profits. Instead, council recommendations include cutting "entitlement" programs, as well as what they call "low-priority spending."

Many of the companies recommending austerity would be out of business without the heavy federal support they get, including Goldman Sachs and JPMorgan Chase, which both received billions in direct bailout cash, plus billions more indirectly through AIG and other companies taxpayers rescued.
http://www.huffingtonpost.com/2012/1...n_2185585.html

GREED at its best...
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Old 11-26-2012, 02:26 AM
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Bailouts and government contracts are also welfare programs that need to go.
 
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Old 11-26-2012, 05:17 AM
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I agree with both of you on this one. Wasteful spending is just that no matter where it happens.

I saw some old senator on the tube the other morning with 1-3 plan, $1 in new revenue for each $3 cut. Provided those were real cuts I might be able to endorse such a plan.
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Old 11-26-2012, 06:53 AM
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If we take off the free trade zone (FTZ), the subsidies, the bail outs, the wars for defending private interests, the federal bank reserve loans at less than 1% and all the government programs to help big businesses. Instead of looking at what they can take from the poor and the middle class, then we will have already a great society.
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Old 11-26-2012, 07:29 AM
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The subsidies should also go.
A subsidy for corn growers (for example) is a welfare program in itself and also a distortion of capitalism and free markets.
 
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Old 11-26-2012, 10:03 AM
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In an interview aired Monday, Goldman Sachs chairman and CEO Lloyd Blankfein said Social Security "wasn't devised to be a system that supported you for a 30 year retirement after a 25-year career." The key to cutting Social Security, he said, was simply a matter of teaching people to expect less.

a matter of teaching people to expect less.


is that teaching or brain washing from the CEO ?


Huffington is fun reading but the last on the bookmark list ... this one seems fairly cut and dry but you always have to wonder with Huff Post.
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Old 11-26-2012, 11:40 AM
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Originally Posted by Breeze Wood View Post
a matter of teaching people to expect less.


is that teaching or brain washing from the CEO ?


Huffington is fun reading but the last on the bookmark list ... this one seems fairly cut and dry but you always have to wonder with Huff Post.
Is the social security really the business of Lloyd Blankfein? This guy should mine to his own business particularely when under his management his company received taxpayers money. Oh I forgot, Goldman Sachs was good hiding the balance sheet of Greece, we all know the results.

I read CNN articles before, but it seems like they are supporting too much their Bildelbergers friends, Huffington articles are very good, I love reading their articles.
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