Contribute
CONNECT:

research

Who Is Gene Sperling?

- January 7, 2011

Perennial Tax Hike Advocate Earning A Fortune From Wall Street

SPERLING HAS A LONG HISTORY OF PUSHING TAX HIKES

Clinton’s Tax Hike Plan Was “Drafted In Large Part By Gene Sperling.” “The Clinton plan coupled tax increases with targeted cuts designed to spur job creation and economic growth. That's no coincidence; it was drafted in large part by Gene Sperling, one of Clinton's top economic advisers, who is now advising the Kerry campaign.”  (Julie Hirschfeld Davis, “Kerry Offers Plan Designed To Curb Outsourced Jobs,” The Baltimore Sun, 3/27/04)

The 1993 Tax Hikes Hit All Americans, Including The Middle Class, By Raising Taxes On Social Security Benefits And Gas Taxes. “The income tax boost accounts for more than half the revenue raised by the 1993 Clinton package. Two smaller elements, accounting for about a fifth of the revenue, pinch the middle class: the gas tax and a tax boost for Social Security recipients earning more than $34,000.” (Howard Kurtz, “To GOP Hopefuls, Clinton Is Target Of Opportunity,” The Washington Post, 10/5/94)

Even Democrat Sen. Daniel Patrick Moynihan (D-NY) Ridiculed The Plan As “The Largest Tax Increase” In History. “Clinton promised not to raise taxes on the middle class to pay for his social programs. In fact, he repeatedly promised a middle-class tax cut. Then, when he did raise taxes retroactively, he denied the middle class was affected. This prompted Sen. Daniel Patrick Moynihan (D-N.Y.) to say: ‘It will be the largest tax increase in the history of public finance in the United States or anywhere else in the world.’” (Cal Thomas, Op-Ed, “On Many Issues He Insists On Having It Both Ways,” Chattanooga [TN] Free Press, 10/5/96)

In 2005, Sperling Said The Bush Tax Cuts “Undermines The President’s Moral Authority To Ask For Sacrifice From Typical Americans.” “Refusing to ask the wealthiest Americans to sacrifice part or all of the tax cuts they have received since 2001 does more than direct hundreds of billions dollars away from deficit reduction, Social Security or other vital programs. At a more fundamental level, it undermines the president's moral authority to ask for sacrifice from typical Americans to reestablish fiscal discipline or assure Social Security or Medicare solvency.”  (Gene Sperling, Op-ed, “Robbing Banks Not Like Cutting Domestic Programs: Gene Sperling,” Bloomberg, 11/16/05)

Sperling On The Current Tax Compromsie: “Many People Are Upset. I’m Upset. I- -- I’m Upset Very Much That We Had To Give High-Income Tax Cuts And – And Help The Wealthiest Estates, To Help Move Our Country Forward. I Think It’s Very Unfortunate That Was The Price For Progress.” (TV One’s “Washington Watch,” 12/12/10)

AND HE MADE A FORTUNE FROM WALL STREET DURING THE FINANCIAL CRISIS 

Sperling Earned Millions While Working With Wall Street Firms, Including Goldman Sachs, During The Peak Of The Financial Crisis. “Goldman Sachs paid Sperling $887,727 for his advice in 2008, according to Bloomberg News's analysis of financial disclosure forms. Sperling advised Goldman on one of its charitable projects, known as ‘10,000 Women,’ which provides business education to women in poor countries. It was a lucrative year for Sperling. During that time he also earned $250,000 for giving briefings to two hedge funds, Brevan Howard Asset Management and Sterling Stamos Capital Management. He also earned $480,051 as director of the Philadelphia Stock Exchange. During October 2007, he was paid to speak at an event sponsored by Citigroup, but the financial disclosure forms, according to Bloomberg, do not say how much that speech was worth.” (William Alden, “Gene Sperling, Leading NEC Director Candidate, Made Millions On Wall Street As Economy Tanked,” The Huffington Post12/22/10)

  • “By Appointing Sperling, The President Would Be Sending A Message That His Administration Would Continue To Be Sympathetic To Big Bank Interests.” (William Alden, “Gene Sperling, Leading NEC Director Candidate, Made Millions On Wall Street As Economy Tanked,” The Huffington Post12/22/10)

Previous post

Recovery In Reverse

Next post

From The Archives: Democrat Senators Call For Investigation Into J.P. Morgan
Republican National Committee

Connect With Us

Republican National Committee
Chairwoman Ronna McDaniel
News & Videos
  • 310 First Street SE, Washington, DC 20003
  • 202-863-8500

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee. Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com

By providing your phone number, you are consenting to receive calls and SMS/MMS msgs, including autodialed and automated calls and texts, to that number from the Republican National Committee. Msg&data rates may apply. Terms & conditions/privacy policy apply 80810-info.com.

Paid for by the Republican National Committee.
Not Authorized By Any Candidate Or Candidate's Committee. www.gop.com