Barack Obama & Third Way: Reports from Deficit and Debt Meeting Heavy on Cuts and Light on Revenues; Negotiators are Mostly Millionaires

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

Participant

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
Jacob Lew n.a.
Sec. of Treasury Timothy Geithner $274,021 to $6,065,998
William Daley (Member of Third Way) $15,000,000 (approx.)
Gene Sperling n.a.

Source:  Center for Responsive Politics, www.opensecrets.org.

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