Tom Donohue, head of the U.S. Chamber of
Whiners Commerce and the biggest crybaby big-bidness lobbyist in the country, was on The Daily Rundown with Chuck Todd this morning.
Naturally, Donohue was asked about Republicans’ willingness to use the debt ceiling as a negotiating tool and how that might hurt the economy. Donahoe’s biggest worry, of course, is not the economic chaos that flirting with default would bring, but it is our entitlement programs, which, he says, are soon going to consume the entire budget.
I will only post a tiny part of the interview, but before I get to it, I want to show a big, fat graphic that MSNBC put up during the segment:
As that— “the largest after-tax profit quarter in the nation’s history” — fires up your synapses, as you contemplate how much whining these corporate bastards have done about Obama’s allegedly bad-for-bidness policies, follow this:
CHUCK TODD: Corporate profits are up. A lot of corporations have money. Why aren’t they spending that money on creating jobs?
TOM DONOHUE: Well, they have a very serious question—and I hope you’ll do a show on this—the real cliff that’s really scaring us now is the regulatory cliff. They don’t really know how all this Obama health care is gonna go…You look at Dodd-Frank—we’ve only done 25% of the rules—you look at what’s coming out of the EPA, you look at what’s coming out of the Labor Department—
CHUCK TODD: You really believe it’s regulation that is holding business back from spending?
TOM DONOHUE: I think if I’m running a big company, I’m waiting to see what happens on taxes, I’m waiting to see what happens on spending, and I’m waiting to see what happens on the regulatory circumstances. Do I decide two fundamental things: Am I gonna hire more people, am I gonna expand, and where am I gonna do it.
It’s the same old waiting game. Waiting. Waiting. Waiting. The cash is piling up, opportunities are sitting there, but corporations fear regulations, fear having to play by a set of rules that they don’t get to write all by themselves (although they are getting to help write them). Such BS. What a bunch of patriots these bidness people are.
Left out of MSNBC’s graphic on corporate profits, and unfortunately left out of Chuck Todd’s questioning, was this sobering reality, as reported by CNN:
But the record profits come at the same time that workers’ wages have fallen to their lowest-ever share of GDP.
Here is a chart to help us see both corporate profits and workers’ wages as a percentage of the economy over time:
You see that red line? That’s the Donohue line. That’s corporate profits (CP/GDP). See that declining blue line? That’s workers’ wages (WASCUR/GDP), which are going down, down, down, as corporate profits go up, up, up, and their CEOs whine, whine, whine, and wait, wait, wait, and sit, sit, sit, on unimaginably tall piles of cash.
And Tom Donohue, an overpaid corporate callboy, has the nerve to go on television and declare that entitlement spending is going to ruin the country and that,
the real cliff that’s really scaring us now is the regulatory cliff.
If that doesn’t make you chunder chunks in chagrin, nothing will.