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‘Fix the Debt’ Readies Its Trojan Horse for Next Budget Fight

January 3, 2013

This article by Sarah Anderson and Scott Klinger is re-posted from Common Dreams.

Over the last three months, the Fix the Debt campaign, led by more than 100 big company CEOs, has unleashed a firestorm of ads, blanketing political news web sites and entirely plastering the Capitol South Metro station used by most Congressional staffers.

In late October, the Institute for Policy Studies began exposing the Fix the Debt campaign’s Trojan Horse. While they presented themselves as a patriotic bipartisan group, merely seeking a “balanced” deal, their own lobby materials revealed they were out to use the fiscal cliff as an opportunity to win massive new corporate tax breaks paid for with cuts to earned benefit programs like Social Security and Medicare.fix-the-debt-ruse-cartoon

The hypocrisy was stunning. We documented, for example, how many of the campaign’s leaders had contributed massively to the national debt through tax-dodging tricks. Twenty-four of them had even paid their CEOs more in 2011 than their firms paid in corporate income taxes. We also calculated that the average Fix the Debt CEO calling for cuts to Social Security themselves had pension assets of $12 million, enough to garner a $65,000 monthly retirement check starting at age 65.

Did all their high-priced subterfuge pay off? The New Year’s deal was a huge disappointment for those of us hoping that President Barack Obama would use his bargaining position to strike a strong blow against the extreme inequality that is undermining our economy and democracy. But the Fix the Debt campaign also suffered a loss. After one of the most ambitious corporate lobby campaigns in history, they failed to win any of their three major objectives:


In a press release, Fix the Debt leaders lamented that “Washington missed this magic moment to do something big to reduce the deficit, reform our tax code, and fix our entitlement programs.”

As in the tale of the Trojan Horse, however, we cannot assume that the Fix the Debt army is going to just sail away. Corporate tax reform is expected to be a major focus of Congress in 2013, starting as early as the debt ceiling fight, which is likely to come to a head in March. (By then, we expect to be able to report on how many profitable U.S. corporations avoided paying taxes in 2012.)

Congress’s New Year’s Eve capitulation to its wealthiest benefactors heightens the stakes for the corporate tax fight. Because Congress and the White House lavished so much on high-income individual taxpayers, they may well find themselves with fewer goodies to pass out to corporations. These will have to be paid for with either higher deficits or even more draconian cuts to Social Security, Medicare, and other programs ordinary Americans depend upon.

As Iowa Senator Tom Harkin stated in opposition to the fiscal cliff deal: “Every dollar that wealthy taxpayers do not pay under this deal, we will eventually ask Americans of modest means to forgo in Social Security, Medicare and Medicaid benefits.”

The Fix the Debt gang is likely to be a major force for the duration. Last fall they boasted of having $60 million for the “initial phase” of their campaign. Even if they’ve completely blown through that pile of dough, they will likely have no trouble securing additional mega-millions for the battles to come.

One Comment leave one →
  1. January 4, 2013 5:32 am

    The overall acquisition of wealth gained by most of the rich are proceeds from either damage from the environment and the exploitation of human resources, or both, once a level of wealth acquired, the wealthy are protected by the lawyers and accountants, the capitalist system has stigmatized any social welfare, with association leading to communism! although communism and capitalism appears more like each other, meaning both systems have a ruthless elite and a privileged few.
    It has suited the Elite for some time Herbert Spencers, “The Survival of the Fittest” and the underlying connection with Darwins, “Natural Selection” I suggest natural selection is ambivalent as any precise meaning other than used by those who require justification of some evil motive, As for Spencers contribution, I suggest the cockroaches have a much better adaption to the environment than Man, this leads me to the Banking Fraternity, it is as if they also have a similar adaption as cockroaches.
    As far as I can see we have a problem also with Karl Marx, as to “:Every One To His Needs” I am making a connection that Marx was outlawed in Germany, having a propensity to needing a big family, he latched on to the capitalist exploiter, Engels, who exploited north England”s labor force and in turn as a result of guilt, financed Marx, to write a lengthy treatise that few could understand or afford, in particular workers, noted Marx, being Jewish, this treatise taken up by the Bolshevics being a Jewish movement to overthrow the monarchy, a ploy to acquire the Czars wealth for the Jewish bankers, to summarize, the bankers are predominately Jewish, the aspirations of this group possible before Mosses came on the scene, pronouncement declaring Gods chosen people, ever since these archaic pronunciation’s we have thinkers such as Marx, who are all part of the conspiracy for World domination, it is so called Jewish money blackmailing America in to 16 trillion dollars of debt, The Jewish corporate crime syndicate require putting in their place, which is not Palestinian Sovereign land, the wealth that has come by dubious means to the World Bank or IMF, is no doubt a source of questionable activity,leading us to the Rothschild Family, that came by huge funds from the British and French Napoleon war, the secret of the Rothschild formula for money making is simple, to find dissension and exploit, if this cannot be found instigate it, the formula of British rule, the home of the Jewish doctrine.

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