CEOs offer path to a balanced budget

  • Article by: EDITORIAL , Chicago Tribune
  • Updated: October 26, 2012 - 1:02 PM

The corporate executives are pushing for action on the federal budget deficit and $16 trillion national debt.

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darrelkingOct. 26, 12 1:20 PM

Those CEOs already have the ear of washington polticians that got us into this mee in the first place. It's called hiring paid lobbyists and this group spends $$Billions every year making sure that the US has the best government officials that money can buy.

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dogmanOct. 26, 12 1:30 PM

The CEOs recommend a $3 to $1 cuts/new revenue ratio to help shrink the deficit. Even using Romney math.. that's very close to President Obama's $2.5 to $1 position. Don't forget that Romney stood on a stage during the primaries and delighfully declined to accept a $10 to $1 ratio.

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chavistaOct. 26, 12 1:33 PM

From the opinion, "Obama created the commission, then ignored its findings." It required 14 votes out of 18 to move the plan forward. Let's see, the Republicans voted against this plan thus throwing it in the trash, and now the editors claim that Obama is supposed to use Romney pixy dust, propose the plan to Congress and magically the Republicans will pass it? What a joke! I'd also like to see the numbers proposed by these CEO's. It currently takes about $3.5 trillion per year to pay all the bills. If you want to reduce the debt in ten years it would require a minimum of $5.1 trillion in revenue not including inflation or you wipe out every expenditure, program, department, and function of the federal government and continue to collect $1.6 trillion in taxes. How do these CEO's propose to do that?

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aviendhaOct. 26, 12 1:38 PM

A bunch of CEOs come together and create a plan to solve the deficit by raising everyone else's expenses. Let me guess who the benefactors of those lowered tax rates would be: business? Let me guess again about where those deductions would be curbed: the ones wage-earners depend on the most? You know, CEOs, maybe if you quit boosting your companies' profits by laying off tens of thousands of American workers, offshoring their jobs to third-world countries with no regulations or worker protections, and celebrating those actions with multi-million-dollar paychecks and eight-figure bonuses to yourselves, maybe, just maybe we wouldn't be in such a deep hole to begin with. Walmart's entire business model depended on driving out local business in small towns, hiring employees for a pittance, and manipulating their hours so that the vast majority of their employee base qualified for Medicaid. Microsoft's business model depended for years on 1099 contractors and employees who would be fired shortly before they became eligible for benefits. Allstate and State Farm are insurance companies, enough said. Boeing is a government contractor. Let me google the list and see who else is on it: Delta Airlines. Time Warner Cable. JP Morgan and Chase! Goldman Sachs?! And these guys have "the solution" to resolve our debt? Are you kidding me? When have these companies and CEOs EVER had the interest of the nation in mind? Goldman Sachs alone has cost us probably a trillion dollars in lost revenue, not only because of the taxpayer bailout they received but because of the ripple effect from the mortgage crisis, loss of property value and increase in unemployment that THEY CAUSED. Now we're supposed to believe that they're the ones with the answers? Good God. No.

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ontherecordOct. 26, 12 1:57 PM

"They certainly aren't spoiling to pay higher taxes. They understand how tax rate hikes can inhibit investment and chill hiring." Baloney! Clinton raised taxes and increased revenues, balanced the budget and added millions of new jobs. The CEO's NEVER want to pay higher taxes, but are willing to increase tax burdens on the middle class and cut programs for the poor. Imagine that!

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copper88Oct. 26, 12 1:59 PM

Some more overpaid CEOs trying to cut their taxes and push the burden onto the rest of us. No thanks! Please come back when you have a real plan.

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twspt7Oct. 26, 12 2:05 PM

"They're calling for tax reform that lowers rates, broadens the tax base by curbing deductions and raises revenue" Well, tax rates are at their lowest point in the past 70 years. It is hard to see how one could lower them any further and still "raise revenue." Broadening the tax base is pretty nebulous; it could mean taxing capital gains more equitably, it could mean eliminating tax credits like the earned income credit or it could mean eliminating the deductions mortgage interest deduction. Or all three. Anything that spreads the coming fiscal pain across ALL of the board would be the way to go, but don't hold your breath.

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elmore1Oct. 26, 12 2:08 PM

This is the kind of dialogue that we need. The candidates should listen to it. Govt does NOT create jobs and they ought to learn to live within their means.

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goldengoph3rOct. 26, 12 2:15 PM

Self-serving BS from the CEO cabal. US corporations are sitting on $2 trillion dollars in US cash reserves, and a whole lot more than that overseas. If they actually paid taxes on all the money they make overseas, the deficit would be in much better shape.

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choochoo12Oct. 26, 12 2:22 PM

BEFORE the United States credit grading was downgraded--as was warned would happen, Republicans wanted to CUT spending and Democrats REFUSED. The only spending Democrats would agree to cut was NOT REAL. Democrats wanted to cut mythical future spending. That's like saying you'll cut $50 from your spending, which is projected to grow and grow, 3 years from now. It's BS. And by the way, how about a 100% tax on CEO salaries and corporate profits. You think these CEOs would support that? Not on your life. IF the budget ever gets balanced, Democrats will do the SAME thing that got us in this mess: SPEND SPEND SPEND SPEND SPEND. As they ALWAYS do.

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