Did you know that the CEOs of the Campaign to Fix the Debt, the corporate front group that wants to cut Social Security and Medicare and lower corporate taxes, have parked more than $418 billion of untaxed corporate profits overseas? Overall it is estimated that U.S. corporations have as much as $1.9 trillion sheltered overseas. That would make a nice down payment on fixing the debt.

You can read about "Fix the Debt" and more in the 2013 edition of the AFL-CIO’s Executive PayWatch launched today. PayWatch not only shines a light on Fix the Debt hypocrisy, but it also explores the huge wage gap between CEO pay and the average U.S. worker. PayWatch started in 1997. 

Visit www.paywatch.org.

The budget that President Obama released today is drawing intense criticism for its cuts to Social Security and Medicare benefits. AFL-CIO President Richard Trumka called those cuts “wrong and indefensible.”

A president’s budget is more than just numbers. It is a profoundly moral document. We believe cutting Social Security benefits and shifting costs to Medicare beneficiaries—while exempting corporate America from shared sacrifice—is wrong and indefensible. 

While more than 2 million people signed a petition that was delivered to President Obama today urging him not to cut Social Security, Medicare or Medicaid and to abandon a "chained" CPI formula, hundreds more have left photo messages for the president. 

President Obama will hear a straightforward and simple message from more than 2 million people today responding to reports that his budget will include cuts to Social Security and Medicare:

The 'Chained' CPI is a benefit cut to a program that does not contribute to the deficit. Do not barter it away in the name of deficit reduction. Stand strongly against all cuts to Social Security, Medicare and Medicaid.

As word spreads that President Obama’s budget proposal will call for Social Security and Medicare benefit cuts, other voices are calling for increasing the successful programs instead as the medicine struggling families and a weak economy need.

A report for the New America Foundation highlights the crisis in retirement security and proposes expanding Social Security.

Yesterday the AFL-CIO learned President Obama's budget will cut Social Security and Medicare benefits for working families. The so-called "chained" CPI will cut Social Security benefits and middle-income seniors (people who made $47,000 a year and more) will be asked to pay higher Medicare premiums.

Over the past 40 years, some of the nation’s biggest and most profitable companies have not only moved America's jobs and manufacturing overseas, but by taking advantage of a U.S. tax code that encourages companies to shift their income overseas, they have cut the taxes they owe by more than half. The result, writes Jia Lynn Yang in The Washington Post,

is lower revenue here that could pay for infrastructure, education and other services that support domestic growth—and that make life easier for U.S. firms.

Calling sequestration “just a fancy word for a dumb idea,” AFL-CIO President Richard Trumka says the 750,000 job-killing, across-the-board budget cuts and other moves toward fiscal austerity will “further weaken the economy and cost jobs” and make even worse “the crisis of mass unemployment. Millions of Americans who want to work cannot find jobs.”

Writing in a special report in The Hill on jobs and the economy, Trumka says:

On some days, it seems like all of official Washington is racing to embrace the most destructive consensus since the Iraq war.

In more than 100 events across the country Wednesday, working families rallied outside lawmakers’ offices, federal agencies, military bases and elsewhere to shine a spotlight on the impact of the sequester’s across-the-board cuts that will cost more than 750,000 jobs this year alone and to call for its repeal.

While most of the actions aimed at members of Congress were focused on Republicans who are using the sequester as leverage to get their way in Congress, in Beckley, W.Va., a group of more than 50 AFGE and other union members and community supporters received a shout out of support from Rep. Nick Rahall (D).

As part of  Wednesday’s national day of action to repeal the sequester, “Building Unions,” a weekly radio show from the Connecticut AFL-CIO and Greater Hartford Central Labor Council will discuss sequestration, its impact on working families and the drive to repeal the across-the-board budget cuts.

The show airs from 1 p.m. to 2 p.m. on WATR 1320 AM. Click on the “Listen Live” button to stream the show that will feature Connecticut AFL-CIO President John Olsen, labor council President Peggy Buchanan and members of AFGE, AFT and the Machinists (IAM).