Inequality and the Common Good

But, is there anyone left in the English-speaking world who isn’t aware of corporations’ and Wall Street’s culpability in the current fiscal crisis?

Quick, who appears to be one of those market true-believers, does not provide empirical (nor any other) support for her characterization of Krugman’s views as “just laughable” and “downright dangerous.” The “support” on which Quick apparently depends is the position of 44 CEOs from Fortune 500 companies who slavishly embrace Hooverville mentality and are now advocating the Simpson-Bowles plan.

Quick does not mention that the many Fortune 500 companies have been contributing significantly to the deficit by not paying adequate taxes — in fact, some companies have been paying “zero” taxes. If corporations and the rich paid taxes at the same level as in the 1960s, the debt would disappear in a decade,” according to a study by the Institute for Policy Studies.

But, is there anyone left in the English-speaking world who isn’t aware of corporations’ and Wall Street’s culpability in the current fiscal crisis?

Quick, who appears to be one of those market true-believers, does not provide empirical (nor any other) support for her characterization of Krugman’s views as “just laughable” and “downright dangerous.” The “support” on which Quick apparently depends is the position of 44 CEOs from Fortune 500 companies who slavishly embrace Hooverville mentality and are now advocating the Simpson-Bowles plan.

Quick does not mention that the many Fortune 500 companies have been contributing significantly to the deficit by not paying adequate taxes — in fact, some companies have been paying “zero” taxes. If corporations and the rich paid taxes at the same level as in the 1960s, the debt would disappear in a decade,” according to a study by the Institute for Policy Studies.

Fix the Debt claims their agenda is not just about spending cuts. But when it comes to their tax proposals, they use the slippery term “pro-growth reform” to push for cuts in deductions that are likely to include credits for working families and — you guessed it — more corporate tax breaks. Chief among these is a proposal to switch to a territorial system under which corporate foreign earnings would be permanently exempted (instead of being taxed when they are returned to America).

This idea, also supported by the Bowles-Simpson deficit commission, would make it even more profitable for big corporations to use accounting tricks to disguise U.S. profits as income earned in tax havens. Citizens for Tax Justice estimates that such tax haven abuse will cost the Treasury more than $1 trillion over the next decade.

So who are the CEOs who are telling the rest of us to be responsible and tighten our belts after they’ve spent decades stiffing the U.S. Treasury? Of the 80 members of Fix the Debt’s CEO Fiscal Leadership Council, here are 10 that stand out as the biggest hypocrites:

“Fix the Debt” is a coalition of more than 80 CEOs who claim they know best how to deal with our nation’s fiscal challenges. 

These are guys who’ve mastered every tax-dodging trick in the book. And now that they’ve boosted their corporate profits by draining the public treasury, how do they propose we put our fiscal house back in order? By squeezing programs for the poor and elderly, including Social Security, Medicare, and Medicaid.

This idea, also supported by the Bowles-Simpson deficit commission, would make it even more profitable for big corporations to use accounting tricks to disguise U.S. profits as income earned in tax havens. Citizens for Tax Justice estimates that such tax haven abuse will cost the Treasury more than $1 trillion over the next decade.

The Great Recession has brought the disparity between the rich and the poor to the forefront of the news. The Occupy Wall Street movement and terms such as the 99% and 1% further highlight the attention about the subject. 

Read more: States with the Widest Gap Between the Rich and Poor - 24/7 Wall St. http://247wallst.com/2012/10/26/states-with-the-widest-gap-between-the-rich-and-poor/#ixzz2AR0Facpe

Additionally, we looked at the Institute for Policy Studies’ Inequality Report Card, which provided grades to senators and congressmen based on their voting record related to income inequality.