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What Digby Said: On Dean Baker piece on losses in home value and stocks, hitting mostly Boomers, retirees


Good Grief, Pete Peterson!

However, there is one step that President Obama can take to boost the economy without going through Congress: He can reaffirm his support for Social Security and assure the baby boomers nearing retirement that he will not allow their benefits to be cut. Snip

Workers are likely to be especially fearful about the prospects of getting their Social Security benefits now, due to an all out assault on the program financed by billionaire banker Peter Peterson. Peterson has spent much of the last two decades trying to cut Social Security, Medicare, and other benefits for the elderly. He recently contributed a billion dollars to a foundation bearing his name that is primarily committed to this goal.

Peterson's investment has paid off both in exposure from the media and, more importantly, attention from many members of Congress and their staffers. There are now dozens of senators, members of Congress and staffers running all around Capitol Hill crafting creative new ways to cut Social Security. Baby boomers are right to fear that Peterson and his crew will take away their benefits. (My emphasis)

Good post, good article by Dean Baker.

Hey, Josh Marshall, when you gonna get your SocSec anti-bamboozlement thing going again? Time is running out.

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Andre's picture
Submitted by Andre on

for anybody. Back in 2000 Al Gore proposed that half the projected surplus be used to shore up Soc Sec forever. Well, I'm thinking, what happened to that surplus? Oh yea, it went towards the balance sheets of the top one percent. When I was a young adult we had it in our minds to go to Washington and levitate the Pentagon, lift the entire building six inches off the ground, so that the generals would get an idea how we felt about their little excursion in SE Asia. If the O'man thinks he's going to cut Soc Sec benefits without first taking back that surplus and applying it to Sec Sec, then we may have to go to Washington to levitate the White House to show "Our Esteemed President" how we feel about his latest half-ass 'brilliant idea'.

Submitted by jawbone on

and undermine New Deal programs -- how's that for an oxymoron? But, says Lind, the Repubs have done this preciously and could do it again.

...the Obama administration has seemed more concerned with reassuring Wall Street that it will be protected against Main Street hotheads than in disciplining Wall Street on behalf of Main Street Americans who have lost jobs, homes, and savings. Snip

...Obama should drop all talk about “bipartisan entitlement reform,” a code word for gutting Social Security, a program popular with the majority of Americans if not the IRA-supported overclass. Social Security is not in as dire fiscal peril as deficit hawks claim, says Peter Orszag, Obama’s budget director. As Orzsag has pointed out, it is health care that is busting the budget and requires reform.


Above all, Obama and the Democratic Congress must refute the idea being spread by Republicans that the trillions of dollars that the federal government will spend are really disguised subsidies for particular Democratic constituencies, from environmentalists to minorities. By stigmatizing Great Society programs as special-interest giveaways, the Republicans built an alliance of conservatives and populists that marginalized liberalism and governed America for a generation. Don’t think that they can’t do it again.

Great catch by Susie Madrack.