After a group of CEO’s wrote an opinion piece today in the Wall Street Journal about the country’s deficit and the need to rein in social security, medicare, and other programs, Leftist Senator Bernie Sanders went on the offensive:
There really is no shame. The Wall Street leaders whose recklessness and illegal behavior caused this terrible recession are now lecturing the American people on the need for courage to deal with the nation’s finances and deficit crisis. Before telling us why we should cut Social Security, Medicare and other vitally important programs, these CEOs might want to take a hard look at their responsibility for causing the deficit and this terrible recession.
Sander’s Senate website went on to note that
Many of the CEOs who signed the deficit-reduction letter run corporations that, in total, evaded at least $34.5 billion in taxes by setting up more than 600 subsidiaries in the Cayman Islands and other offshore tax havens since 2008. As a result, at least a dozen of the companies avoided paying any federal income taxes in recent years, and even received more than $6.4 billion in tax refunds from the IRS since 2008.
Several of the companies received a total taxpayer bailout of more than $2.5 trillion from the Federal Reserve and the Treasury Department.
Many of the companies also have outsourced hundreds of thousands of American jobs to China and other low wage countries, forcing their workers to rely on unemployment insurance and other federal benefits.
“In other words,” Sanders said, “these are some of the same people who have significantly caused the deficit to explode over the last four years.”
Sanders then documented the CEO’s and their companies’ outsourcing, tax credits, and other benefits in a document that can be seen here.
Although Sanders and Restoring Liberty have little in common, he has identified a real problem: we have increasingly powerful multinational corporations in the United States that have absolutely no loyalty to our Constitution or nation. Many are not only actively involved in subverting national sovereignty but are also milking the treasury through corrupt relationships with political insiders in DC. Crony capitalism is not free market economics.