Congress, Obama playing with dynamite, CEOs say of "fiscal cliff"

Comments (19)
Tarakohe wrote:

The issue with the this group of corporations is that the “Fix the Debt’ line is really just a cover for these incredibly wealthy people to impose austerity on the middle class and government social programs, including Social Security – which has NO issue with its funding at this time – while opposing cutting the incredibly bloated security/military complex or changing the way medicine is delivered in the US, and at the same time continuing to pig-out at the Federal Reserve trough of free money and bailouts. This group of individuals has no shame.

Nov 13, 2012 7:49pm EST  --  Report as abuse
fromthecenter wrote:

If nobody hasn’t already noticed, these same ceo’s who now are saying they wont invest in the us…. Have not been investing in the us. They have been investing in china, india, brazil and other low cost countries. Which is turn has contributed to the unemployment and lower tax revenues. So now these great patriots are telling us what to do?

Nov 13, 2012 10:14pm EST  --  Report as abuse
flashrooster wrote:

This group, the Business Roundtable, represents the heart of our nation’s problems. If you peel back all the layers of government corruption like an onion, you find the Business Roundtable at the center. They have effectively taken over our government. Both Tarakohe and fromthecenter have it right. These guys can’t be trusted. They are motivated only by self-interest. I say, if they don’t plan to invest in the US, let’s do away with their tax loopholes. They will threaten to move elsewhere, but where else are they going to go? Where else can they get away with paying so little in taxes while having the best security any nation has to offer?

They fund the Republican party in return for legislation that increases their profits, deregulates their industries, and lowers their taxes. The BR was formed in 1972. They are the ones who turned our government from a representative democracy to a plutocracy run by lobbyists who partner with members of Congress, mostly the Republicans, but they have influence with Democrats as well. They’re responsible for Citizens United and all the it represents. We need to find a way to end lobbying, which is like a cancer to democracy.

When they say they’re starting an information campaign be suspicious. Though our growing debt is a longterm problem that must be addressed, it’s not a crisis, and we shouldn’t deal with it like it’s a crisis, or we could easily end up making things worse. We have to have a disciplined longterm approach toward attenuating our deficit until the budget is balanced, and then start paying down the debt, but if we try to do too much at once, it will throw the country back into a recession and that will risk knocking us into a vicious cycle because revenues will drop, so we’d have to cut more spending which will cause revenues to drop further, etc. The very fact that these CEOs and everyone else is so worried about the “fiscal cliff” is because they’re afraid if the sequester kicks in, it risks putting us back into recession, as I just explained. So it would be stupid to avert the fiscal cliff by making drastic spending cuts, because that’s exactly what the fiscal cliff is. You’d just be replacing one fiscal cliff for another. It’s probably more about the defense industry being worried that the fiscal cliff will cut into their profits.

The time to address the deficit and the debt was during the Bush Presidency when the economy was still going strong. Clinton had us on the right path. Bush and the Republicans screwed up bigger than we have yet to recognize. It’s simply amazing that the GOP has any support at all after what they’ve done to our economy. And now they want to dictate the terms? Simply amazing. We need to quit tolerating their destructive stupidity.

Nov 14, 2012 12:21am EST  --  Report as abuse
Pete_Murphy wrote:

This group of CEOs advocates “fixing the debt” by cutting tax rates and broadening the tax base. That’s another way of saying “cut our taxes and tax somebody else.” CEOs couldn’t care less about fixing the debt.

If they were really interested in cutting the debt, then they’d also be advocating a change in trade policy that restores a balance of trade. It’s no mere coincidence that, since our last trade surplus in 1975, our cumulative trade deficit of $12 trillion closely matches the growth in the national debt. Balancing the budget is impossible without first restoring a balance of trade. Otherwise, deficit spending is the only way to pump back into the economy the dollars that are drained away by the trade deficit.

But, no, don’t mess with trade policy. Better to earn a billion and one dollars from a world that includes poorer Americans than only one billion dollars from a wealthier America.

Nov 14, 2012 7:48am EST  --  Report as abuse
pbgd wrote:

The fiscal cliff will never happen. What lawmakers have created, they can also alter or cancel.

Nov 14, 2012 7:54am EST  --  Report as abuse

As long as lawmakers exist, they will sell their votes. As long as they are selling their votes they will grant privileges to those that pay them. Honestly, why would someone spend half a billion dollars on campaigns for a job that pay a few hundred thousand a year if there was no kickback? Anyone would cry foul if any entity, government or not was to say to them “We’re going to take more of your money”. But when millionaire CEO’s cry foul to keep the game rigged in their favor, It’s laughable. They have had their chance since the 80′s to show that trickle down economics works. They, like all positions in power, be it private or public, allowed themselves to be corrupted.

pbgd,

There are massive amounts of money to be made in war, debt and fearful speculation. Most crisis are engineered despite the finger pointing we all see.

Nov 14, 2012 8:47am EST  --  Report as abuse
JL4 wrote:

Niederauer stated: “We simply won’t be investing in the United States. We will be investing elsewhere where we have more certainty of the outcome”

Not invest in the U.S.? HOW WOULD WE KNOW?

They aren’t investing in the U.S. now. Their only investment in the last decade has been to spend collective billions on Republican political campaigns.

Nov 14, 2012 9:31am EST  --  Report as abuse
yrbmegr wrote:

Same CEO’s that said, a year ago, that our deficit and debt are unsustainable. Same CEO’s that, a year ago, refused to credit that deficit reduction would subtract from growth. Now, the sky is falling. Were they lying then, or are they lying now? Who can tell with them?

Nov 14, 2012 9:47am EST  --  Report as abuse
LoveJoyOne wrote:

Compromise is not part of Boehner’s vocabulary. The only approach he knows is “my way or the highway”.

Obama knows thsi, so I would expect him to call Boehner’s bluff and let the country go over the cliff. Of course, Obama has to make it look like he’s trying to compromise.

By letting the country go over the cliff he’ll achieve two things he’d never get from the Republicans through negotiations: higher taxes and lower military spending.

Nov 14, 2012 10:07am EST  --  Report as abuse
jertho wrote:

This is a threat to American workers to punish them for not choosing the candidate they put millions of dollars into, instead of investing in their own business. this along with the secession petitions is nothing more than a childish tantrum. the world is not ending, you just want it to so you can feel like you’re right again, but guess what, it will continue just as it did during EVERY other “fiscal crisis” that’s come along in the last 200+ years, most of them actually dire and MUCH worse than your unbalanced budget and debt that’s been slowing over the last 4 years. oh but ignore that, because you want to let these jerks have even more free reign to screw people over for their own profit. you are such beautiful people.

Nov 14, 2012 10:14am EST  --  Report as abuse
jaham wrote:

@flashrooster ssaid: “This group, the Business Roundtable, represents the heart of our nation’s problems. If you peel back all the layers of government corruption like an onion, you find the Business Roundtable at the center.”

Of course, it’s not the governments fault for allowing corruption, it’s businesses fault for playing the game the government allows; typical liberal perspective: business is the problem and government is the solution…genius

Nov 14, 2012 10:26am EST  --  Report as abuse
jertho wrote:

@jaham- when business threatens to impoverish, poison and steal, yes it is the problem. and government is supposed to be the collective will of the common man, so it is the only weapon we have that matches the caliber of multinational corporations.

Nov 14, 2012 10:35am EST  --  Report as abuse
Mott wrote:

Funny – how republican’s screaming for reduced government spending in favor of private companies gets met with the same companies pitching calamity on any such reduction and at the same time demanding debt to be reduced with no additional tax.

Fear mongering on doom – one more try?

Nov 14, 2012 11:08am EST  --  Report as abuse
todnwth wrote:

If Boehner and McConnell would quit trying to make Obama look bad and not give as well as take we could settle this problem in less than week.
Boehner needs to stay out of the bars and selling his vote for another drink and McConnell has got to learn that he is not a dictator of this country and if he wants to be dictator go to some third world country, unless he intends to make this country a third world country which he has tried for the last two years by saying his biggest job was to make Obama a one term president–he should have learned last Tuesday that even without any cooperation from him or Boehner it did not work and it will not work now so he might as well eat his crow and do the job he the taxpayers are paying him to do and that is cooperate with the democrats!!!

Nov 14, 2012 11:25am EST  --  Report as abuse
JL4 wrote:

@jaham, re-read flashrooster’s quote: “If you peel back all the layers of government corruption…” What part of the reference to “government corruption” did you not understand? Flashrooster places responsibility on government as well.

Nov 14, 2012 12:15pm EST  --  Report as abuse
Harry079 wrote:

“including Social Security – which has NO issue with its funding at this time”

Since 2010 Social Security has paid out more than it has taken in.

The Speaker of the House John Boehner said the other day when talking about the fiscal cliff: “It’s not like there is any MONEY is Social Security or Medi-Care anyways.”

With less money going into the Trust Fund from the 2% less contribution tax cut for the people and the 5,000 people a day retiring and going on Social Security.

The MONEY that was in the Trust Funds has long been borrowed and spent and has nothing but Government Bonds to cover the future payouts.

Part of the $4 billion a day the Government is borrowing is going towards paying CURRENT receivers of Social Security.

Every year forward for the next two decades 3.5 million people will leave the workforce and join the Social Security rolls.

Go to the Treasury website and do some searching.

Nov 14, 2012 12:17pm EST  --  Report as abuse
Harry079 wrote:

This report from Social Security tells a part of the story.

http://www.ssa.gov/oact/trsum/index.html

Nov 14, 2012 12:23pm EST  --  Report as abuse
xit007 wrote:

FLashrooster – you had me going for awhile then you started your partisan BS. There is corruption in Washington on both sides of the aisle – it is not Party line – there are fiscal conservatives in both parties. The problem is our budget has been hijacked by crony politics. Business is the engine – government is incapable of being efficient because of the politics that are played at every level. FEMA is nothing but political payback during disasters. It is a joke. I have far too much experience with government agencies that tells me – there is no accountability and just the opposite – it is everything you would not allow in a well run organization. (what can you expect when it is run by political cronies) You say Clinton had it right – go back and see his policies and who ran the houses. Gee everyone laughed on the left about the contract with America – but it brought us a balanced budget and surpluses. Bush2 did not hold the line and I fault him for that. He compromised with the Democratic house and let them spend like drunken sailors so he could get his agenda passed. Not a fiscal conservative – he drank the crony koolaid. If we ween our government down to only essentials, cut lobbyist, take the tax code back to simple ( this is the real political power) and tax rates will depend on what loopholes they can close. This is the real fight because government has sold revenue to tax breaks on both sides of the aisle. Can anyone on this blog tell me why we haven’t had a budget in 4 years even when Obama had the HOUSE and SENATE????

Nov 14, 2012 12:49pm EST  --  Report as abuse
Slammy wrote:

Washington is playing with Dynamite? If it were not for how Wall Street has been playing the past 10 years the national debt would be a lot lower. It is Funny that when Wall Street messes up they ask for bale outs but then chastise Washington for wanting to raise taxes and cut spending to pay the debt the bailouts helped cause. Whatever happened to free markets working themselves out?

Nov 14, 2012 12:59pm EST  --  Report as abuse
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