|Honeywell CEO David Cote OK's the deal|
Because, according to this report in the NYT, the big boys have already given Obama and Boehner their blessings to increase taxes on the wealthiest 4% of Americans in exchange for cuts in so-called entitlements, ie. medicare benefits and social sec. By the big boys, I mean the real power in the country, including CEOs of Goldman Sachs, Honeywell, Dow, Morgan Stanley, G.E. and the rest.
“We recognize that part of the solution has to be tax increases,” David M. Cote, chief executive of Honeywell, said on a conference call with reporters. “That’s the only thing that allows a reasonable compromise to be reached.”
According to the Times, on Wednesday, several hedge fund managers, including Daniel Och, the billionaire founder of Och-Ziff Capital Management, met with Valerie Jarrett and members of the White House economic team.
What’s more, the political symbolism of some of the wealthiest Americans’ saying they support higher taxes on the rich takes a bit of the sting out of the idea of raising rates, for both Democrats and Republicans.The fact that the the majority of voters overwhelmingly voted against austerity measures and cuts in supports for the neediest among us, means little to the leaders of both parties when compared with the voices of these corporate power houses.