By Josh Marks

How the Plutocrats Behind ‘Fix the Debt’ Contribute to the Deficit

December 11, 2012 7:39 am Category: Memo Pad, Politics 23 Comments A+ / A-

(Photo by Talk Radio News Service via Flickr)

Paul Krugman calls them “deficit scolds” – the wealthy Washingtonians and Wall Streeters behind the Fix the Debt campaign who are obsessed with cutting earned benefits programs and whipping up “fiscal cliff” hysteria, when in reality the prescription right now for a robust economic recovery calls for public stimulus spending to boost employment and grow the economy.

These one-percenters want to bring failed European austerity to American shores, even though, according the New Yorker, the United Kingdom recently officially admitted that its austerity policies have been a disaster – “Britain’s deficit remains stubbornly high, its people have been suffering through a double-dip recession, and many observers now expect the country to lose its ‘AAA’ credit rating.”

Americans are being inundated with advertising from Fix the Debt about the urgency of avoiding the “fiscal cliff,” or what Krugman calls the “austerity bomb.” They claim to be coming from a centrist, bipartisan point of view, but a closer examination of the billionaire benefactors behind Fix the Debt reveals them to have long had an agenda of lowering taxes for the rich and cutting Social Security, Medicare and Medicaid benefits for millions of hard-working middle class and poor Americans.

Ironically, the deficit scolds behind Fix the Debt have helped contribute to the deficit by advocating for cutting tax rates on the wealthy, such as capital gains, and creating the unemployment crisis through mass layoffs.

Here are some of the over-100 Fix the Debt hypocrites who claim to care about reducing the deficit, but have done more than their share to actually make the deficit worse (even though deficits don’t matter in an economic recovery and reducing the deficit too fast could cause a double-dip recession):

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How the Plutocrats Behind ‘Fix the Debt’ Contribute to the Deficit Reviewed by on . (Photo by Talk Radio News Service via Flickr) Paul Krugman calls them "deficit scolds" -- the wealthy Washingtonians and Wall Streeters behind the Fix the Debt (Photo by Talk Radio News Service via Flickr) Paul Krugman calls them "deficit scolds" -- the wealthy Washingtonians and Wall Streeters behind the Fix the Debt Rating:

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  • http://www.facebook.com/dominick.vila.1 Dominick Vila

    The fallacy of this sudden crisis is that it is man made. The Bush tax cuts were temporary. They were extended when Republicans claimed the economy would collapse as a result of lack of investment if they were allowed to expire a couple of years ago. President Obama succumbed under pressure and agreed to extend them until 1/1/13. The draconian spending reductions that we are suddenly worried about were put in place by Republicans as a condition to raise the national debt ceiling a year ago. By the way, they were planning to suspend those automatic spending reductions if Romney was elected, purportedly, to allow him to set his own agenda in motion.
    The architects that built this crisis should have no problem fixing its foundation before the whole building collapses under the weight of their obtuse decisions.

    • http://www.facebook.com/clarence.swinney Clarence Swinney

      Reagan + two Bush took 1000B Debt to 10,000B
      Spending 600B to 3500B
      cut carter job growth 218,000 per month to 99,000

    • sigrid28

      Remember when a deck of cards was created to focus attention on the real enemies of the U.S. after 9/11: the leaders of Al Qaed? Now we need a deck of cards, starting with these four as face cards and including the Koch brothers, Karl Rove, Grover Norquist, Adelson, Trump, and all the rest of the self-righteous, avaricious enemies of the people trying to steal the U.S. economy right out from under the rest of us.

  • gahoof

    We were doing well under Bill Clinton. Why don’t we go back to at least those tax rates?
    Regarding capital gains, I don’t get the argument that people use to say capital gains should be taxed at a lower rate because the money has already been taxed at the corporate level (the company’s profits). Don’t we all pay taxes more than once? When I look at my paycheck, payroll taxes are deducted from the gross amount. Then, in April I pay another tax (an income tax) on those same earnings (and in my state, a state tax). And then when I go to spend that same money (or what was left of it), I get to pay sales tax.
    It seems to me that capital gains should be taxed at that person’s regular tax rate. Income is income.

  • nobsartist

    These jackass republiCONs are just using another underhanded tactic. They used to just assassinate, now they lie and create these fake crisis’s because they know the people that vote republiCON are just plain stupid.

    I find it funny that past republiCON presidents like Eisenhower who was actually a real patriot, chose to solve the same problems that we face today by spending MASSIVE amounts of money to create our highway system and hospital network.

    The republiCON criminals since have worked overtime to destroy it. They refuse to allow money to maintain the highway system and they took all of the tax payer built and paid for hospitals and gave them to the “for profit health care criminal cabal”.

    Face it. People lied us into two wars that cost us TRILLIONS and got away with it.

    Others allowed our manufacturing base to collapse and then paid those traitors TRILLIONS.

    Still others allowed the banking industry to steal TRILLIONS from MILLIONS OF AMERICANS and instead of going to prison, were given more TRILLIONS.

    I believe that soon, Americans will start putting bulls eyes on republiCON criminal politicians.

  • http://pulse.yahoo.com/_4HKCTSVHCQJCJUU2VYCERLWWDE Richie T

    You can’t pay off a credit card, (the National Debt) by making smaller monthly payment. The problem is, way to many people actually believe them. Lowering taxes on the wealth, didn’t, doesn’t, and never will, ” boost the economy”.
    They “create jobs”
    Build a factory, nobody has the money to buy anything they “claim” they’re going to make. Jobs? an empty building, anyone that started to work there when they first opened it is unemployed. They get to write it off their taxes. It doesn’t “CREATE JOBS,” it lowers their tax rate.
    The economy is driving by the middle class that they’ve destroyed. A person has a job making a real income, They can pay their bills, and have some money to actually spend, That means means more people will have to have jobs to work in stores or factories. That means more people will have jobs with money to spend. They’ve been destroying unions in this country over the last fifty years, they’re STILL doing it. People actually think that will boost the economy. They can pay you what ever THEY want, you don’t like it quit. The actual middle class income verses the actuall cost of living has been dropping 0ver the last fifty years.
    The prices of things like cars hasn’t jumped that high, It actually costs them less to build it then it did twenty years ago. Major reduction in man power because of all the automation the value of the American dollar has crashed that much.
    Just keep printing more money.

    • idamag

      Richie, Great post! Norway weathered the global economy slump better than any other country. They have the highest standard of living for all their people. They revere working people over wealthy people. In this country when greed shipped so many jobs overseas, they were cutting their noses off. They eliminated consumers and a healthy economy needs consumers.

  • jstsyn

    These people have more or less declared war on the American economy. It is time to retaliate and nothing should be off the table. They have made themselves the enemy of the people. A simplistic view but maybe what it takes.

  • Jim Lou

    Corporate Welfare is okay to some but Social Welfare isn’t.

    The feeling is often:

    Why should I be paying for others? I made it so why can’t they?

  • Progressive Patriot

    As Thom Hartman often recommends, “Follow the money.” They base their hate of the working and middle class on false stereotypes. Most of the financial world is based on man made concepts. If we have the will, we can create a conversation that empowers We The People instead of villianizes us. Move to Amend!

  • howa4x

    First off don’t listen to anything a millionare/billionaire says. They have already shown us they are just greedy to the point of mental illness. Take the Walton family. The scions of Sam Walton have net worth of over 25 billion each (3), all inherited wealth, and claim the be good Christians, yet they consistantly deny health benefits to the masses of their employees by having a policy that keeps the majority of them as part time so they won’t be entitled to get them. Their wages are so low that most of their employees qualify for food stamps. They also export american jobs by buying clothing from poor countries like Bangledesh where the average worker makes 37 dollars/month, and works in horrible conditions, including locked exits. A recent fire there had over 100 burned alive. This is the mental illness of obcession with greed or midas complex, and the Waltons suffer from it. They need a humanistic intrevention by ambulance. They are dellusional and think they are following what Christ said. This is only one example of the greedy 1%. The Koch bros also have inherited wealth, yet run around the country trying to bust unions. Those very groups that helped form the middle class and try to get decent wages and benefits for workers. They also want to roll back enviornmental regulations on oil and gas exploration so they can do it cheaper and ruin the land. Each brother is worth 31 billion. They too suffer from mental illness and have midas complex to the extreme.
    The republicans truly believe that these families, and more like them, need a tax cut, and are more than willing to hold the midddle class hostage so they get one. This is why all the polls are against them. It is time for everyone to open their eyes.

  • http://pulse.yahoo.com/_QFTD4SSX5TR5T6YNW7WVHPSJZI Fred

    The plutocrats are the problem!

  • http://profile.yahoo.com/D2APJHTEPCBJRNC4OUET6E3PEQ Teddy

    I really like this slideshow. Finally i can see the faces of these foundation heads or should i say, “fountain heads”. Atlas may have tries to shrug the vote but blue/white collar workers who materilize their products thought otherwise.

    And these bannanas are loaded Mrs. Webber

  • http://www.facebook.com/clarence.swinney Clarence Swinney

    CORPORATE TAXES NEED REFORM
    Century Foundation had a great study. The corp. income tax is projected at just 1.5% of GDP this year. In 1952. the corporate income tax accounted for about one third of government revenues. Corporate America has devised complex tax avoidance schemes. Today Corporate supplies just less than 9% of today’s federal revenues.
    Between 2008 and 2011 many multinationals paid no corporate tax on profit in billions.
    In 2011. the effective tax paid was 12.1% a 40 year low.
    America needs Tax Reform. Quick.

  • ChristoD

    A_FREAKIN’-MEN. This says it all. NO austerity, NO cutting on EARNED BENEFITS NOT ENTITLEMENT programs and NO capitulation to the causes of the out of control National Debt, the REPUGNicans…..

  • http://profile.yahoo.com/GZZE2TFM6VDXQTRTRGKO2RORF4 Robert

    Mr. Robert L Silva Jr
    430 S Crescent Ave
    Lodi Ca 95240 3407
    Complaint:
    Infringement on institutional practice of the Federal Reserve Bank of the United States of America; caused major nuisances and injury to the United States citizen, and breach international law obligations of the United States Federal Government to the United States citizens. The citizen are neglected of their innate human rights entitlement prescribe by law through the indirect promotion of chattel of the United States of American citizen.
    Plaintiff:
    Institute of Human Rights and Democratic Studies
    Founder/Lead Researcher: Mr. Robert L Silva Jr
    Secretary: Ms. Brynn Silva
    Defendant:
    United States Congress,
    Executive officers of United States Government et al….
    This affidavit is a complaint against the United States of America Congress which includes the House of Representatives and Senate, including the executive branches of the United States of America.
    The complaint has to do with the entitlement of the Federal Reserve Bank to create and promote own policy for financial and banking practices. The United States legislative branch enacted a law to outlaw consumer bankruptcy that is in counter to the proper operations of the Federal Reserve banking system. The personal bankruptcy law of 2008, that removed the right of the consumer which is a labeling for private citizen that is not considered a business or corporation. The notion of the legal personality of a non-business is not privileged to remove all debt but restructures repayment of loans through third party practices that is considered a legal personality of a business or corporation. The law discriminates between legal personalities and demands a state charter personality to be entitled to all debt removal from the Federal Reserve Bank. It takes a privilege personality to remove permanent debt; not an innate status of being human and a citizen of the sovereign state. The acronym “FRB” is alias for Federal Reserve Bank
    The injury to the U.S.A. people is: the lack of access to trade credits created by the Federal Reserve Bank (FRB) that takes care of all debts private and public. That is to promote human rights enforcement prescribed by International Covenant of Cultural and Political Rights 1967, the United States government ratified this document in 1967. The United States government has food trade credit system called Electronic Bank Transfer but does give direct and immediate access to the average cultural technological expectations of cultural, social and economic rights enforcement , that is housing, luxuries and leisure activities. The private market and access to FRB trade credits is
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    superior in enforcement, people without access is living in a subaltern existence in destitute and lack of agency to change situation, it has created oppression and captivity.
    The consumer bankruptcy law does not follow the scope and legitimate aim of the Federal Reserve Bank of United States of America is to promote settlement and development and enables the United States citizens to benefit from the resources of the land. The bankruptcy laws actually punishes and create aversion to promote the banking system and bars people through credit rating requirements then on must earn privilege through past deeds to get access to loans and jobs to access the FRB trade credit. Then innate human rights entitlement becomes a privilege one must earn and not innate undermines international regimes on human rights enforcement. The purpose of bankruptcy was to get stagnant trade credit out of the system to regulate monetary policy. The scope of bankruptcy was to regulate monetary policy and control currency values also. The legitimate aim was to remove debt pools in regions to enable development of new enterprises when old enterprises were phased out. When a person has no access to jobs and has debt due the structural effects on economic activity then the person is in debt, bankruptcy promotes freedom from chattel that is debt promotes slavery, that the interest of the loans not paid will create life-long debt. The United States outlawed slavery with the Thirteenth Amendment of the United States Constitution.
    The California no reason termination of employment law with the 2008 consumer bankruptcy law, with the 45 day bank repossession law of 2012, and California practices has created chattel that was outlawed in the 19th Century.
    The real estate that the mortgage and loan debt is connected to is taken away and sold to pay off debt to creditor. The contract is not with the person or connected to personal productivity but with the land that promotes human enforcement to shelter to the consumer. The consumer is not a contracting party but a person that supplies the resources, but secondary. The law does not enable people freedom to solve economic debt problems and the state give the authority and derogate rights and liberties of the citizen to another legal party that has a legal business personality.
    The Bankruptcy law prohibits and limits access to employment opportunities and credit lines to enforce international treaty obligations of the United States of America federal government. The issue there is no Statist approach to enforce all international human rights obligations equal to the free market method that FRB is the center piece that the free market promotes human rights enforcement. The consumer bankruptcy law of 2008 created nuisance and inconvenience to promote human rights enforcement for the United States federal government and sovereign authority.
    The evidence of neglect and nuisance is mass homelessness issue of 2011, major foreclosures economic failure of 2009 and the United States and the World economy. Read the news and the lack of the United States of America economic purchasing power of the United States of America citizen has caused world and domestic economic depression not just the Icelandic financial scandal of 2007 is the cause. The issue is the consumer bankruptcy law created social movements that were being squelched by U.S military intelligence operations that is not allowing proper discourse about common and public issues. The desire to promote oligarchic practices over democratic practices due to security issues has created security issues that were injured by the 2008 consumer bankruptcy law. Then we get into another issue of misuse of medical equipment and procedures and ill dignified treatment. People were mistreated and scarred like the Northern movement claim against the Southern landowners in the 19th century, in the name of National Security to promote domestic tranquility, due to lack of economic freedom and these laws that promoted oppression and captivity.
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    The reality of electronic bank looting identity theft, and domestic terrorism and crime is not in the forethought of this law. The creators for the FRB had these notions of human nature understood in daily life when creating the bankruptcy law which deters chattel of the citizen. These are nuisances that effect repayment that is beyond the control of the consumer or citizen the state is obligated to protect private property through security apparatus because they are connected to primary biological needs for survival. The state has not been fulfilling obligations but acquiesce to the realities of domestic sabotage that creates hardship. This leads to chattel of the citizen due the Consumer Bankruptcy law of 2008.
    The reality the Consumer bankruptcy law of 2008 is transforming the United States of America culture from a free society to a totalitarian neo feudalistic plutocratic oligarchic society that does not promote democratic daily interactions due to collusion and limited access to resources due to limit access to trade credits. The society has become rude and brutish and hyper diabolical and deceptive to protect the status quo coalitions. The people without access to resources are ill dignified. The people are screamed at, pushed and reminded that attitude needs to assimilate to grateful and submissive gesturing understand that human rights entitlement is not innate but at the desire of the person giving out resources and opportunity to employment. This undermines international treaty obligations of treatment of civilians and civilian entitlements. People are being oppressed and forced to alter personality and consciousness for survival and primary biological needs. This due to you can be terminated from your job at any moment then 45 days after the last mortgage payment the bank can evict the citizen and sell to cover cost of mortgage. If the selling of the house by the bank does not cover debt, the consumer is obligated to pay the existing debt and cannot bankrupt the debt. The consumer is obligated to perform and behave to keep entitlement to housing and employment. The citizen is chattel.
    The issue that the original creation of the FRB regulations took in account the possible chattel of the American citizen and a method to protect the value of the currency due to fraud and counterfeiting money, and flooding of markets to deprave access to goods and services. The 2008 consumer bankruptcy law created injury, and needs to be removed, and creates nuisance and undermines higher laws, and purposes of the FRB was supposed to enforce human rights, and not deprave and create a new method of conquering. It was to free the citizen and enforce treatment of civilian international obligations due to settlers were coming from other sovereign nations, it was diffuse enslavement of immigrant nationalities. Remedy, Remove the law practice from daily institutional practices compensate for lost time and ill dignify existence, require the United States federal government a creation new methods of human right enforcement to promote primary biological needs for survival and enforcement of the International Covenant of Cultural and Political Rights.
    I have support the law goes against supra norms of the International Treaty regime of Treatment of Civilians and enforcement of human rights. The United States government is in default and guilty of gross negligence and demanding action to remedy to meet international standards prescribed by
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    international law requirement. The United States of America government must conform and follow guidelines and standards on treatment of the citizen in this regards.

  • Jack Wormer

    Isn’t it surprising that this kind of “Republican” only became prominent AFTER 1989…..the Fall of Universal Communism?

    COWARDS all…..See if the next “Dubya”, who tries again with FRAUDULENT APPEALS to the Idealism of America’s youths, to start another War to protect plutocrats’ “assets” will get ANY RESPONSE…

  • rustacus21

    A really great idea is 1stly, figure out how much the rich & corporation ‘DIDN’T’ pay over the period from August 2001 to current, that was ‘ORIGINALLY’ owed the U.S. treasury. 2nd, as is the case w/regular, ordinary Middle Class & working poor citizens, set up payment arrangements on the estimated $9 + trillion dollars (see > http://wwwdotbloombergdotcom/news/2012-07-13/republican-tax-cut-costs-much-more-than-obama-s-bgov-barometerdothtml <) the treasury is STILL short, since these fine, upstanding individuals have this sort of integrity that they would offer their expertise to the nation at a time of crisis!!! This is far-fetched of course, but the point is just as this article points out, we're looking for realistic solutions. In their minds, it makes sense to hurt & injure the Middle Class & poor, while they exist in obscene luxury, by comparison. By assuming their own ruthless demeanor & perspectives, we should have this nation solvent in NO TIME, using their methods & combined problem-solving proficiencies. After all, they are the nation's most preeminent business 'leaders', so they would understand perfectly, that we assume their own prowess in eliminating a crisis they were INDEED responsible for!!!

  • onedonewong

    It was Klugmans failed Keynesian economic policy that caused this great red ink bath

    • http://www.facebook.com/people/Jim-Myers/100001512942781 Jim Myers

      Replying to onedonewong -

      I wasn’t aware that Klugman had anything to do with economic policy. I believe it was the SPEND, BABY, SPEND!!!

      • onedonewong

        He’s a key Barak advisor.
        You don’t seem to remember that when Dems took over in 2007 unemployment was 4.5% and the deficit was less than $200B a year. And then Klugman and his minions took over

  • http://profile.yahoo.com/43ZQGGZPH4XAL3T4CNK5A2DTYE Bill

    The re;publican party should go after their benefactors who profited from two unjust and costly wars, the national bankers rape of the amercian citizens by creating and defaulting of exotic and toxic loan., the printing and dibursement of 16 trillion dollars by the Federal Reserve, corrupt bailouts of national financial institutions resulted from toxic loans and foreclosure on millions of our countrymen. The list goes on, but congress, the house and executive branch has a fiduciary responsibility to restore the billions spent by our own government and businesses, dont try to balance the books on the backs of our poor and middle class.

  • http://www.facebook.com/people/Joseph-Glackin/100000892011713 Joseph Glackin

    Blankfein exposed the distance from reality occupied by the plutocrats when he described Soc. Sec. and Medicare as a 30 pension after a 25 year career. The average worker retiring at 65 has paid into both programs since the age of 18. That’s 47 years. Life expectancy in the US is 75.6 for men, 80.8 for women (right behind Cuba!). That leaves 10.6 years for a man to collect, 15.8 for a woman.
    If the asbestos, coal dust, hydrocarbons, or other pollutants and stresses of 45 years of work don’t kill them first.

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