This opinion IS out there as hard as that is to believe...
The United States might be better off allowing the across-the-board spending cuts of the sequester to take effect as a first step in cutting its debt, even if doing so slows the economy, Honeywell International Inc (HON) Chief Executive Dave Cote said on Wednesday.
The cuts would reduce the U.S. federal budget by about $85 billion per year and curtail spending on defense systems, including some made by Honeywell. But the head of the diversified U.S. manufacturer, who also been outspoken on the need for the United States to cut its debt burden, said the trade-off may be necessary. "We need the reduction," Cote said.
"You could argue that the reduction would make more sense if we did it thoughtfully and spent a lot of time on it. I'm not sure that's a real option, though. The options seem to be let it happen or take it away." Cote remains a leading voice in the corporate "Fix the Debt" group,...Seems more likely each day that some combination of a budget cut and a tax-increase will soon happen.
10 comments:
Which will drive up the deficit with automatic stabilization increases and reduced tax revenue, put more people on the street, increase crime, and short-circuit the recovery. Brilliant thinking there.
That guy is the CEO of a major US company? The US is in deep doo-doo if that is the best of the brightest.
Tom Hickey,
He knows what he's saying. So long as the disparity between his income and everyone else's continues to widen at an accelerated rate (and it will; his profits may grow more slowly but the bottom will fall out from under employment and wages) he's a happy man.
It's about increasing his share of power, not the absolute number of dollars in his accounts.
Most of the CEO's want to fix the debt. I really think RMM has it right. It's all about them and the elite fraternity. None of them really care about what is right for the common good.
and it will; his profits may grow more slowly but the bottom will fall out from under employment and wages) he's a happy man. Ben Johannson
Happy, he won't be...
He who loves money will not be satisfied with money, nor he who loves abundance with its income. This too is vanity. Ecclesiastes 5:10
Which will drive up the deficit with automatic stabilization increases and reduced tax revenue, put more people on the street, increase crime, and short-circuit the recovery.
The guy's a moron. Mitt Romney was a moron. We need CEO's meddling in complex societal problems like Richard III needed those extra holes in his head.
Yeah, he doesn't have to worry about how he's going to make the next mortgage payment if he loses his job because the lack of new $NFA injections is shrinking the economy.
The guy knows that slowing the economy will result in cheaper labor costs and forced asset sales that his firm can capitalize on.
Right, the basic neoliberal agenda in the developed world is to drive down real wages to increase profit share at the expense of labor share instead of adding value. Rentier "capitalism."
This CEO is a prick like all CEO's Bankers and Politicians all pricks, because they serve their master the federal reserve bank of the US which is at the root of all of this misallocation of funds, privatizing profits collecting the upside and unloading all the losses and downside to the public, even the NFL owners are pricks they have the fed,states and cities pay for thier good times and when they've suck the life juice out of an area they move on, abolisht the fed.
I'm sick of all this pseudofeudal lord pooping up last times.
So, how long until we have a revolution against the new "old order".
Scumbags.
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