It is no wonder that the high-level meeting for deficit & debt discussions will be skewed toward preserving the wealthy. Those who sat in the room have for the most part extraordinarily high net worth. The political structure of the United States is on the verge of obsolescence and great injustice.
The end result of the President’s proposal seems very likely to be horrendous program cuts with cosmetic (little) revenue “increases” offset with tax cuts. So the end result is essentially all spending cuts. The think tank, Third Way, is cheerleading the entire event.
Why is the proposal (to be rushed through Congress) so skewed? It is proposed by millionaires (the participants), who do not wish to pass tax increases on themselves. (How’s that for a conflict of interest?)
Deficit & Debt Meeting Participants
Net Worth (range, 2009)
|Pres. Barack Obama||$2,251,011 to $7,670,000|
|Vice Pres. Joe Biden||$-309,971 to $488,996|
|Speaker John Boehner||$1,801,094 to $5,340,000|
|Rep. Eric Cantor||$2,175,157 to $7,533,999|
|Sen. Harry Reid||$3,062,056 to $6,707,000|
|Sen. Richard Durbin||$258,038 to $1,700,998|
|Sen Mitch McConnell||$7,102,036 to $32,756,000|
|Rep. Nancy Pelosi||$-7,356,915 to $124,229,990|
|Rep. Steny Hoyer||$298,009 to $697,000|
|Sec. of Treasury Timothy Geithner||$274,021 to $6,065,998|
|William Daley (Member of Third Way)||$15,000,000 (approx.)|
Source: Center for Responsive Politics, www.opensecrets.org.