Not missing a beat, CNBC launches next assault on “entitlements”

Who would have guessed that CNBC could round up so many US CEOs who hate the fiscal cliff deal because it doesn’t cut enough?

The pampered class has done quite well in the last decade, including their runaway spending on military adventures and excessive tax cuts for the rich. But they still want more. CNBC:

“It doesn’t work talking to the politicians, obviously,” former Wells [Fargo] CEO Kovacevich said. “What we’ve got to do is educate the American public that our country is going to hell.”….

“I think this deal’s a disaster,” said Peter Huntsman, chief executive of chemical producer Huntsman Corp.

“We’re just living in a fantasy land. We’re borrowing more and more money. This did absolutely nothing to address the fundamental issue of the debt cliff.”

No, the country isn’t going to hell because of Social Security and Medicare, Dick. It’s going to hell because of CEO ingrates who had no problem seeking government handouts to keep their companies afloat in 2008 and 2009 – and who didn’t say boo about the GOP’s multiple budget-busting tax cuts and wars – but now suddenly they’re just besides themselves about “borrowing.” You want to see “going to hell,” look in a mirror, Dick.

Rich 1%

Rich via Shutterstock

Since the “fiscal cliff” marketing effort went so well for CNBC, they already know which CEOs to put in front of a microphone, and which fake groups (like Erskine Bowles’ Fix The Debt) to involve. What CNBC fails to point out is that the loudmouths who all want cuts now have lived quite comfortably from government money in the past, and still aren’t willing to pay their fair share in taxes, be they Starbucks or Blankfein.

Wells Fargo, for example, accepted $25 billion of TARP money. They were in such bad shape they struggled to buy back their shares from the feds, leading some to suggest they did not have any spare cash. Then there’s the free money courtesy of the Federal Reserve. But now that granny needs Medicare, or the middle class needs the Social Security that they paid for all of these years out of their hard-earned paychecks (you bet we feel “entitled” to something we already paid for), tough luck. Wells Fargo got theirs, so everyone else can buzz off.

Everyone in Washington needs to get serious about taking away “entitlements,” because that’s the real problem — uh huh. Forget about those foreign adventures that never end, the defense spending that towers above what other countries spend, the corporate tax rates that allow GE to pay 0%, the personal tax system that allows Mitt Romney to pay less than 14% (if that).  Sure, the system that the middle class desperately needs is costly. And so was bailing out the 1% when they needed it.  And we did.


An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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