Capitalist
Jeffersonian Liberal
- May 22, 2010
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(Daily Caller)- AFL-CIO President Richard Trumka on Tuesday will accuse Republicans, private sector businesses and health insurance companies of economic treason in a red meat speech in Columbus, Ohio, to union members at their annual convention.
Trumkas charge is centered on his anger at private sector business and corporations for sitting on capital as much as $2 trillion by some estimates instead of spending it to expand and create jobs, and at insurers for proposing rate hikes.
Business groups and leaders say that President Obamas policies, namely the health-care overhaul and the financial regulation bill, have created massive uncertainty and are transforming hiring into the assumption of liability instead gaining an asset. Insurers who have announced rate hikes say that the health-care bill has increased their costs.
But Trumka will say it boils down to a more simple explanation: greed.
Some of our politicians, and some of Americas biggest corporations have given up on America. Companies are sitting on $837 billion without creating jobs, Trumka will say. Banks are clutching a trillion dollars in profits without lending to small businesses and consumers. Too many companies arent investing in the future, or in the country that made them great. All they want to do is scrape every ounce of flesh from our hides for their profit.
Well I say that is economic treason! Trumka says.
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