William Greider: Looting Social Security, Part 2

[marmar]

from The Nation:



Looting Social Security, Part 2
By William Greider

January 4, 2010


He's baaack--the Wall Street billionaire who wants to loot Social Security. This time, Pete Peterson has invented his own "news network" to promote his right-wing rants about shrinking the only retirement security system available to millions of working people. Peterson styles himself as a patriot saving the nation from fiscal insolvency and has committed $1 billion to that cause (a chunk of the wealth he accumulated at Blackstone Group, the notorious corporate-takeover firm). His efforts might be dismissed as ludicrous--except money does talk in Washington, and Peterson is now buying Washington reporters to spread his dire warnings.

The retired mogul has created a digital news agency he dubs "The Fiscal Times" and hired eight seasoned reporters to do the work there. "An impressive group of veteran journalists," Peterson calls them. I hope they have shaken a lot of money out of this rich geezer. Because I predict doing hack work for him will seriously soil their reputations for objectivity and independence.

With his great wealth, Peterson could have also bought a newspaper to publish his dispatches, but he did better than that. He hooked up with the Washington Post, which has agreed to "jointly produce content focusing on the budget and fiscal issues." (This media scandal was first uncovered by economist Dean Baker.) The newspaper is thus compromising its own integrity. It's like buying political propaganda from a Washington lobbyist, then printing it in the news columns as if it was just another news story. Shame on the Post, my old newspaper. I predict a big stink like the one that greeted the Post when its publisher decided to hold pay-for-access "salons" for corporate biggies.

The first TFT "dispatch" to appear in the Post--"Support grows for tackling nation's debt"--made no mention of Peterson's crusade. But it featured the same devious gimmick the financier has been peddling around Washington. Congress should create a special commission of eighteen senators and representatives empowered to to make the "tough" budget decisions politicians are loathe to face--slashing benefits, raising payroll taxes or both. Other members of Congress would be prohibited from changing any of the particular measures, and would cast only an up-or-down vote on the entire package, no amendments allowed. Supposedly, this would give them political cover. Look, no hands. We just cut Social Security but it wasn't our fault. ............(more)

The complete piece is at: http://www.thenation.com/doc/20100111/greider

[AllentownJake]

1. Watch White House visitor logs over the next few months

Barack Obama likes money.

[kentuck]

2. Yep.

That would be a good idea.

[laughingliberal]

3. I have no doubt this is on the administration's agenda

Why would we think an administration which consistently rewards the banksters and is busily pushing to privatize our public school system would not have this as a goal?

[KoKo]

4. Just as some suspected....Ram through HCR fraud...then go after SS/Medicare

quickly. Cut the SS/Medicare before the HCR goes into effect in 4 to 5 Years...and then money will be freed up for MORE WARS.

Nothing could convince me that this administration isn't going to go with Petersen's recommendations.

[laughingliberal]

5. I am certain of it. Obama's nomination of Bernanke to continue as chairman of the Fed

cinched it for me. When Bernanke sat before Congress and talked about reforming Medicare and SS while the HCR debate was ongoing, it was obvious. And our own party is apathetic and uninformed, lulled into some false sense of security by the thought that the president is a Democrat. If you liked what they've done with health care reform, you're gonna love entitlement reform.

[OHdem10]

6. The bill we have going through right now is the Medicare Reform

Wait until America wakes up to what has been done. This has
always been more about Medicare Reform than Health Care Insurance
Reform.

Having A DLC, Third Way President and Senate--watch out Middle
Class. The Chopping Block is all prepared.

[laughingliberal]

7. I agree a goal of this HCR bill was Medicare reform and it contains the seeds of privatiziation of

Medicare but they aren't through, yet.

[TornadoTN]

8. This is sounding more & more like a third Bush term as of late

Disgusting.

[inna]

9. OMG, this article needs to be read in its entirety.

I'm wondering at times who the fuck we elected last year.

[Juche]

10. This is why we need higher taxes on the rich

So they can't do shit like this.