Paulson Calls for Tax Hikes and Entitlement Cuts

Even in retirement former Goldman Sachs CEO and Treasury Secretary Henry Paulson can help himself. He needs to be out front protecting the banksters, even if it means pulling money out of the hands of regular folk.

Paulson, who as Treasury Secretary went to Congress demanding Congress approve a $700 billion bailout package for Wall Street, is not through with the call for bailouts. The new bankster bailout is taking the shape of a call for the average American to pay up. After a meeting on Friday with current Treasury Secretary Tim Geithner, Paulson issued a statementt calling for tax reform (read tax hikes) and entitlement reform (read medicare and social security cuts). You see the interest paid  to banksters on Treasury securities must be protected at all costs.

Here's Paulson's statement issued after Friday's breakfast with Geithner:

Now is the time for action on both raising the debt ceiling and tackling the U.S. debt and deficits through significant and lasting spending reduction, entitlement reform and tax reform. Our growing debt is the single largest threat to our nation’s future. Real reform that puts us on a sustainable fiscal path is critical to U.S. economic competitiveness. This is not an easy task, and will involve tough decisions on all sides. I am confident that this administration and Congressional leaders in both parties are working in good faith toward a solution. And the sense of urgency is clear – failing to raise the debt ceiling would do irreparable harm to our credit standing, would undermine our ability to lead on global economic issues and would damage our economy.