As a parent, I am absolutely revolted by Tom Donohue’s apparent attempt to incite a political war between the generations.
Yes, I understand that as America’s top business lobbyist, he would prefer the federal government to cut spending on Social Security and Medicare.
And yes, if the federal government spends less money taking care of our senior citizens, there will be more money available for corporate handouts.
But from my own perspective, the federal government already spends enough money on corporate handouts. The average American family is now paying $6,000 a year in subsidies to big business.
Yet, based on yesterday’s speech, it looks to me like Mr. Donohue is willing to pit children against their grandparents, in order to get even more.
Look at what’s happened to the distribution of wealth since Ronald Reagan was President.
Sixty percent of households LOST wealth… while those at the top of the economic ladder gained massively.
Look at what’s happened to annual income since Ronald Reagan was President.
All the growth went to the richest 10%, while incomes for the bottom 90% declined.
The pattern holds true even during the current economic “recovery”. According to economist Emmanuel Saez, “The top 1% captured 95% of the income gains.”
So yes, Mr. Donohue, it looks like this next generation will end up with a lot less than their grandparents had.
But no, Mr. Donohue. It’s not our senior citizens who are “taking” that wealth away.
And you’re not going to start an inter-generational political war, to distract us from what’s really going on.