Why isn’t Obama demanding corporate welfare cuts? – MarketWatch
Why isn’t Obama demanding corporate welfare cuts?
Commentary: $2.6 trillion could be saved without touching safety net
By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) – If President Barack Obama and Speaker John Boehner really want to reduce federal deficits, they’re doing a lousy job of it.
Rather than focusing their negotiations on specific and achievable savings that would stabilize our debt for a decade or more, the two leaders have instead been talking about areas of the budget in which there’s almost no common ground.
Boeing/Lockheed Enlarge Image
When the CEO of Boeing talked to President Obama and Speaker Boehner about deficit reduction, he didn’t ask them to kill the next generation bomber, which Boeing and Lockheed are offering to design and build.
Instead of reaching a reasonable compromise, each party is insisting that the other surrender unconditionally. The Democrats and Republicans alike would rather win a bloody political victory than achieve a negotiated peace.
For Democrats, the only goal of the fiscal-cliff confrontation seems to be raising tax rates and getting more revenue from the wealthy. For Republicans, it’s shredding the safety net for seniors and the working poor.
They’re ignoring the most obvious solution: Eliminating unproductive and unnecessary federal spending and tax expenditures, especially corporate welfare that only benefits special interests. If even we didn’t have a deficit problem, we should eliminate or minimize this kind of wasteful spending.