Six of the twelve CEOs that met with Obama on the fiscal cliff led companies that lobbied for cap-and-trade. General Electric, PepsiCo, Dow Chemical, Xerox, Ford and Honeywell were members of the United States Climate Action Partnership - a lobbying group that pushed for cap-and-trade legislation.
The sudden concern of these CEOs over our deficit is hypocritical and laughable.
Many of the CEOs that met with Obama were huge beneficiaries of the President’s big government spending.
In addition to seeking to profit from wind turbine and solar energy sales from the consequences of cap-and-trade legislation, General Electric CEO Jeff Immelt lobbied for Obama’s $787 billion stimulus plan and got over $100 million in grants and contracts from his effort.
At the same time Immelt expresses concerns over the fiscal cliff, GE is actively lobbying to keep the wind energy Production Tax Credit (PTC) from expiring at the end of this year. The Joint Committee on Taxation reported in August 2012 that renewing the PTC would cost taxpayers $12 billion over a ten year period.
Dow Chemical, IBM and Honeywell also were rewarded with millions of taxpayer grant money from the stimulus plan and Ford got a $5.9 billion loan in 2009 from the Department of Energy to assist the company’s effort to make more fuel efficient vehicles.
As big defense industry contractors, GE and Honeywell are also threatened by the looming cuts in military spending. They would easily trade higher taxes on wealthy families for millions in defense contracts.
Our country can no longer afford big government and allow the likes of Immelt to feed like parasites from our bloated national budget.
By rejecting the anticipated lobbying efforts of Obama’s crony capitalist allies over the fiscal cliff, Congressional Republicans can heed the advice of Louisiana Governor Bobby Jindal to show the public they are not the party of big corporations.
Now is the time for Republicans in Congress to stand with Tea Party grassroots activists and reject Obama’s conspired big business strategy and stand on the principles of limited government and lower taxes.