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It’s the Simpson-Bowles Personal Profit Tour: Making Money Off the U.S. Debt

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Prolonging tax cuts for the rich and creating a new tax loophole for corporations that offshore jobs would, of course, increase the debt.

Goldman Sachs, whose CEO Lloyd Blankfein is a platinum card member of the bogus Fix the Debt group, would pocket $3.3 billion under a territorial tax system. Yeah, Lloyd’s for that. Meanwhile, he insists America “lower people’s expectations” about their social safety net programs.

Blankfein joined Simpson and Bowles last week in blitzing the media with demands that the middle class suffer so the rich and corporations can keep – and enhance – their special deals. This CEO whose Wall Street Bank helped crash the economy and cost taxpayers billions in bailouts, said in a Nov. 19 interview on CBS News: 

“The retirement age has to be changed. Maybe some of the benefits have to be affected. Maybe some of the inflation adjustments have to be revised. But in general entitlements have to be slowed down and contained.”

That is the prescription for the middle class, earning a median $50,000 a year, from a man who pulled down $16.1 million last year and whose bank contributed massively to the federal deficits with its reckless financial gambling.

For him, for Simpson and Bowles, for the CEOs who have ponied up $60 million to bankroll the bogus Campaign to Fix the Debt, the bottom line is personal profit. They don’t give a damn about the debt. They don’t give a damn about the United States. They really don’t give a damn about the middle class. It’s not the Simpson-Bowles Campaign to Fix the Debt; it’s the Simpson-Bowles & Co. Campaign to Rig the Debt for the rich. And those slick hucksters Simpson and Bowles will make a buck on it win or lose.