Geithner said that this is "the only path to resolution politically [and] growing essentially economically, and I think that's where it's going to end up."
Geithner said Simpson-Bowles was the perfect recipe: "tax reforms that raise a modest amount of revenue tied to spending savings across the government that's still preserving some room to invest in things that matter to how we grow moving forward." He added, "There's no plausible way to get there economically or politically without that kind of balanced framework again that marries tax reform with broader spending reforms."
Geithner is joining leading Democrats on the Hill like Sen. Max Baucus and Rep. Nancy Pelosi in backing the plan. And take careful note of the fact that they're all using the phrase "tax reform" instead of "tax increases." They don't just plan to pay for the wealth and misdeeds of the Dimon crowd with your Social Security and Medicare benefits. They also plan to raise your taxes, not theirs. The Simpson Bowles plan would actually lower the top tax rate for people like Jamie Dimon, while "tax reform" would tax away tax deductions for the middle class's health insurance, mortgages, and other expenses.
Welcome to Your Corporatocracy
And that's how things work in our Corporatocracy: They decide, we submit. The Unholy Trio of Dimon, Simpson, and Geithner ride across our national landscape like the Three Horsemen of the Economic, corporate-politics Apocalypse.
This year it's going to be incumbent on the Democratic Party to prove that it's something more than the oligarchy's more genteel rubber stamp. And it's not going to be able to do that unless it rejects the wildly unpopular and unfair Simpson-Bowles plan in favor of the only approach that can rescue the middle class and our economy over all.But that would involve standing up to Jamie Dimon -- and his campaign checks.