Nov 23, 2012
Macy’s CEO to American People: Drop Dead
As a Thanksgiving treat, Terry Lundgren wants to gut Medicare, Medicaid and Social Security
…Lundgren and a coalition of other big-time CEOs are lobbying Congress to cut Medicare, Medicaid and Social Security benefits so that they can enjoy tax breaks. Obviously, Lundgren did not take Econ 101, which would have demonstrated to him that reaching into the pockets of people will leave them without enough dollars to buy your products. It’s very simple, Mr. Lundgren. Your job and your stores are supported by the spending power of the American consumer. Robbing that consumer by hacking away at hard-earned retirements and healthcare is not going to help your bottom line.
…Such is the spirit of giving in the world of big business. Many Americans are outraged and cutting up their Macy’s cards and signing petitions in protest. You can actually choose among petitions. There’s the Macy’s v. Medicare petition, or if you prefer, there’s also a petition urging Macy’s to end its partnership with the race-baiting Donald Trump. The “Dump Trump” petition has already collected over 650,000 signatures, but Lundgren stands by the loopy real estate mogul .
The Fix the Debt coalition, unsurprisingly, features a heaping helping of fat cat financiers (whose names should be familiar to all of you):
- Lloyd Blankfein, Chairman & CEO, Goldman, Sachs & Co.
- James Gorman, Chairman, President & CEO, Morgan Stanley
- Jamie Dimon, Chairman & CEO, JPMorgan Chase & Co.
- Jeffrey Immelt, Chairman & CEO, General Electric Company
- Brian T. Moynihan, President & CEO, Bank of America Corporation
- Josh Bekenstein, Managing Director, Bain Capital
For a complete list of the Ebeneezer Scrooge brigade, peruse the coalition’s Web site
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