Sound The Alarm! Peterson Foundation Assault On "Entitlements"

By Roger Hickey

Created 02/05/2009 - 11:14am

At a press conference today by Wall Street mogul Peter Peterson, he and his invited speakers informed Americans who are losing their jobs and homes in record numbers that our nation’s biggest problem is the national deficit—and that the solution is to cut Social Security and Medicare.

We don't need this campaign [2]. What the nation needs right now is an increase in the federal deficit to stimulate economic recovery and to create and save jobs. Yes, President Obama inherited a large budget deficit and national debt due to George W. Bush’s reckless tax cuts for the very wealthiest Americans, like Peterson. Economist Dean Baker has pointed out that Peterson and his partners made a fortune running a Wall Street private equity fund, much of which he was able to shelter from normal taxation through the "fund managers" tax break.