Peter Peterson, founder and chairman of Peter G. Peterson Foundation. (Photo: Lingjing Bao / Talk Radio News)Move over Koch brothers. Get out of the way Shelly Adelson. There’s another billionaire in town, and he’s doing all he can to privatize Social Security and Medicare programs.
Say hello to Pete Peterson.
Petersen is a Wall Street billionaire, who,according to The Center for Media and Democracy’s SourceWatch.Org, almost exclusively uses his wealth to back numerous organizations and public relations campaigns whose primary goals are to slash government funding to Social Security, Medicare and Medicaid.
According to SourceWatch’s PetersonPyramid.org, in 2007, after making a fortune off of the public offering of a Wall Street private equity firm, Peterson pledged to spend a staggering $1 billion of his personal wealth to “fix America’s key fiscal-sustainability problems.”
A vast portion of that $1 billion is going to a shadowy astroturf supergroup campaign known as “The Campaign to Fix the Debt”. But don’t let the fairly innocuous title fool you.
As SourceWatch’s PetersonPyramid.org points out, in reality, the “Campaign to Fix the Debt” is just the latest effort by Peterson and a bunch of his billionaire friends and corporate cronies to cut away at Social Security and Medicare, all in the name of fixing America’s “debt problem”.
While “Fix the Debt” was started in the summer of 2012, before its launch Peterson was already funding organizations like the “Committee for a Responsible Federal Budget” and the “New America Foundation.” As PetersonPyramid.org notes, both of these organizations have the same goals of ultimately privatizing the Social Security and Medicare programs that millions of Americans rely on to survive…
Peterson also gave millions to support the Simpson-Bowles commission according to PetersonPyramid.org, a commission who’s proposed “solution” to fixing our debt includes massive austerity-type cuts to this nation’s social-safety-net programs. In fact, Erskine Bowles is a co-founder of the “Fix The Debt” program Peterson is funding, so it’s no surprise that the recent Simpson-Bowles Catfood Commission 2.0 plan included even more devastating cuts to Social Security and Medicaid.
Much like the many tentacles of the Kochtopus, “Fix the Debt” is more than just one campaign. As SourceWatch’s PetersonPyramid,org brilliantly points out, “Fix the Debt” is like a well-organized machine, made up of PR firms, corporate CEO’s, partner organizations, and so-called “state chapters.” Progressives argue that if the so-called “Fix the Debt” goals are reached, it will worsen the gap between the wealthy elite in America and everyone else.
But here’s the real kicker. Peterson and his “Fix the Debt” campaign have made it into the halls of The White House.