The chief executives of 80 large US corporations have issued a “Deficit Manifesto,” calling on the next president to “fix America’s debt” by making substantial “changes in the federal budget.” The statement was published by the Wall Street Journal on Thursday.
Behind the innocuous phrases is the demand by some of the richest individuals in America for the slashing of Medicare, Medicaid and Social Security and a general offensive against the working class.
The CEOs’ letter, signed by a “Who’s who” of CEOs at giant US banks, financial firms and industrial corporations, calls on politicians to acknowledge “that our growing debt is a serious threat to the economic well-being and security of the United States.” It calls for Washington to adopt “an effective plan [to] stabilize the debt as a share of the economy, and put it on a downward path.”
The plan should be enacted now, “but implemented gradually to protect the fragile economic recovery and to give Americans time to prepare for the changes in the federal budget.” In other words, their proposals would worsen life for wide layers of the population, who need to “prepare” themselves for a drastic decline in their conditions.
Making no reference to the trillions of dollars made available to the banks during the financial bailout nor the trillions more that go toward imperialist war and the global defense of their economic interests, the company heads insist that the target of a plan to “fix America’s debt” should concentrate on the programs that assist tens of millions of working people, the poor and retirees.