For Immediate Release
Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167
Did Wall Street and Tea Party Win? Does Obama Want to Cut Social Security?
WASHINGTON - CNN reports: “Seniors to Get Small Social Security Increase in 2014.”
ARUN GUPTA, arun.indypendent at gmail.com
Independent journalist and regular contributor to AlterNet, Truthout and the Guardian, Gupta is a co-founder of the Occupied Wall Street Journal and the Indypendent.
He said today: “Let’s not forget Obama has been trying to introduce severe austerity ever since he got into office. In January 2009 he told the Washington Post he wanted to cut Social Security and Medicare. He has legitimized the discourse of deficit reduction when it’s all voodoo economics. He wants to cut corporate taxes. He turned the Bush tax cuts into a bargaining chip when he could have swept them away in early 2009.
“One important point that seems to have slipped completely below the radar is how the markets reacted. There was never a fear premium, meaning Wall Street never thought the default was a danger. But related to that is this idea that the Tea Party is some rogue element no longer controlled by big business. If there was real fear that the Tea Party would do damage to the economy you would have seen the markets plunge, which would have forced them into line very quickly. Additionally, there is no evidence that corporations will pull their money from the GOP. Led by the Tea Party, they are still pushing for measures to cut taxes on the wealthy, eliminate regulations and cripple organized labor. That’s the Wall Street agenda, and that’s why they are the big winners in this whole affair.”
Gupta wrote the piece for the Progressive: “Don’t Let Obama Cut Medicare, Medicaid, and Social Security.”
He notes the Washington Post piece from 2009 “Obama Pledges Entitlement Reform President-Elect Says He’ll Reshape Social Security, Medicare Programs.”
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