Jun 15 2012

Get Ready To Eat Cat Food

(10 am. – promoted by ek hornbeck)

Here comes Simpson-Bowles to spare the bloated Pentagon budget and avoid letting the Bush/Obama Tax Cuts expire:

Geithner praises Simpson-Bowles framework as the way forward

U.S. Treasury Secretary Timothy Geithner recently suggested the Simpson-Bowles deficit reduction framework is the way forward in terms of balancing the federal budget. [..]

“We need to take advantage of the incentive created by the sequester and these expiring tax cuts to force this town to confront and take on the things that divide us now in these long-term fiscal reforms so we can go ahead and govern,” he said. “This is a place where people spend a lot of time worrying whether Washington can work again and for Washington to say, ‘We’re going to defer,’ I don’t see how that would be helpful to confidence.” [..]

David Dayen at FDL News Desk adds his take on Geithner’s appearance before the Council on Foreign Relation:

The lame duck session has so many fiscal issues expiring at the same time that many view it as an opportunity to put together the long-sought “grand bargain” on deficit reduction. Erskine Bowles and Alan Simpson have recently come out of their shells and resumed a high-profile media tour in an effort to get their framework into the discussion for the lame duck session. The Bowles-Simpson plan does include tax increases of hundreds of billions above the Bush tax cut rates, albeit lower than what would occur if the Bush tax cuts were allowed to completely expire.

Because of this, Democrats like Nancy Pelosi have embraced Bowles-Simpson to tease Republicans for their opposition to higher tax rates. But that also puts Democrats on the hook for embracing cuts to the social safety net, including Medicare and Social Security. And on Wednesday, Geithner said that Bowles-Simpson is “the only path to resolution politically [and] growing essentially economically, and I think that’s where it’s going to end up.” He didn’t make the caveats on Social Security or other entitlements.

David also noted that Sen. Max Baucus (D-MT), chairperson of the tax writing Senate Finance Committee, would hold hearing in the next few weeks on Bowles-Simpson and Domenici-Rivlin, which combine revenue-raising tax reforms with restraint on entitlement spending. Baucus told The Hill:

“My view is everything’s on the table,” Baucus said. “That’s a psychology which I think is very important to keep people talking, keep people working.”

In his comprehensive article on Geithner’s alliance with JP Morgan CEO Jamie Dimon and Cat Food Commission co-chair former Sen. Alan Simpson (R-UT), Richard (RJ) Eskow had this to say about the coming of Simpson-Bowles:

Geithner said Simpson-Bowles was the perfect recipe: “tax reforms that raise a modest amount of revenue tied to spending savings across the government that’s still preserving some room to invest in things that matter to how we grow moving forward.” He added, “There’s no plausible way to get there economically or politically without that kind of balanced framework again that marries tax reform with broader spending reforms,”

Geithner is joining leading Democrats on the Hill like Sen. Max Baucus and Rep. Nancy Pelosi in backing the plan. And take careful note of the fact that they’re all using the phrase “tax reform” instead of “tax increases.” They don’t just plan to pay for the wealth and misdeeds of the Dimon crowd with your Social Security and Medicare benefits. They also plan to raise your taxes, not theirs. The Simpson Bowles plan would actually lower the top tax rate for people like Jamie Dimon, while “tax reform” would tax away tax deductions for the middle class’s health insurance, mortgages, and other expenses.

All our elected officials are completely out of touch with what Americans want and need. Yes, indeed, something wicked this way comes.


  1. TMC
  2. joanneleon

    the other day.  It was alarming.  And sickening, if you ask me.  Geithner’s attitude was so smug and confident.  It was as if he himself decides what will happen.

  3. seabos84

    the BEST thing that could happen to the Democratic Party right now is the defeat of all these rich pig ass kissers.

    Oh yeah – about Geithner being smug – he’s a sell out yuppie f’ck doing great! He SHOULD be smug! He’s part of leadership team that has the entire Democratic establishment running around with the stratergery of

    Cry Walker! and let slip the dogs of fear!

    AND it might keep him in his job of rich pig ass kisser !!

    While it is NOT trivial to tweak the ‘health’ insurance rules to make things better for millions, or fess up to decent policy on gay marriage for millions of Americans, or do the right thing for millions of immigrants —

    when it comes to working FOR ALL of us so ALL of us aren’t ripped off

    0bummer & clinton ALWAYS sell ALL of us out!

    fuck ALL of them.

    Not a nickle,

    Not a dime,

    Not a second of time,

    NOT a vote.


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