The Solution to the Budget Deficit: The Peter G. Peterson Intergenerational Fairness Tax Credit

[babsbunny]

http://www.truthout.org/022309A

Monday 23 February 2009

by: Dean Baker, t r u t h o u t | Perspective

Peter Peterson is coming to get your Social Security and Medicare. Peterson was the commerce secretary in the Nixon administration. He then went on to make billions of dollars as one of the top executives at the Blackstone Group, a private equity fund. Mr. Peterson is known as one of the top beneficiaries of the fund managers' tax break, through which he personally pocketed tens of millions of dollars.

Mr. Peterson has been using his Wall Street wealth to attack these social insurance programs for decades, but he recently stepped up his efforts. Last year, he spent $1 billion to endow the Peter G. Peterson Foundation to further his efforts.