Washington, DC — Robert Borosage, co-director of the Campaign for America’s Future, responding to reporting of the Chamber of Commerce’s Fifth Annual Capital Markets Summit in Washington, DC today, where leaders of the Chamber of Commerce asked government leaders for tax breaks and fewer rules to protect consumers. Borosage said,
“The Chamber isn’t for competitive markets; its defending a rigged crony capitalism, in which corporate interests prey on taxpayers.
“Today, corporate profits are at record levels, while corporations pay less of the tax burden than ever – yet the Chamber wants lower taxes.
“Wall Street excess and regulatory lassitude helped blow up the economy – yet the Chamber wants to roll back what little regulation has been put in place.
“Honest businesses support clear and enforced rules, so that dishonest companies don’t have an edge.
“When the Chamber argues for lower taxes and against common sense rules, then they are representing those who profit from a rigged game, not a fair game.”
Robert Borosage’s also wrote about infusing some common sense in to the battles over the Federal budget. Borosage wrote:
“Common sense is an endangered species in today’s budget frenzy. Inside the beltway, millions of dollars have gone into a concerted campaign to elevate hysteria about deficits, in an effort to roll Congress into deep cuts in entitlement programs. On the right, the Tea Party desire to roll back liberal social advances and slash government capacities combines with a systemic corporate effort to gut consumer, environmental and worker protections. The White House and congressional Democrats, having foolishly turned prematurely to austerity, are tongued tied when it comes to arguing the case for jobs – which even the zealous co-chairs of the President’s Deficit Commission accepted as needed in the short term.
“That’s why this statement of Joseph Stiglitz, Nobel Prize winner and former chair of the Council on Economic Advisors, is so important. Stigltiz was recrutied in one of the innumerable efforts to consolidate an elite consensus in the beltway, by supporting the recommendations of the co-chairs of the President’s Deficit Commission. Only, he sensibly said no. He warns that the recommendations made by Bowles and Simpson are “unprincipled political compromises that would lead to a weaker America.” If adopted, they would constitute a “near suicide pact.”
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