A Billionaire Obsesses, Our Politics Regresses [View all]

[marmar]

from Too Much: A Commentary on Excess and Inequality:



A Billionaire Obsesses, Our Politics Regresses
December 2, 2012

How much can a billion dollars buy? The undivided attention of America’s entire political and chattering classes. Case in point: our ongoing national fixation on debt and deficit.

By Sam Pizzigati


Down through the millennia, single individuals have changed the course of history, some through their intellect, some through their courage, and still others through the depth and breadth of their vision.

But you don’t have to have smarts or courage or vision to change history. You just need a ton of money, the sort of fortune that the 86-year-old Peter Peterson has amassed over his years wheeling and dealing on Wall Street.

Peterson has been obsessing for years over federal budget deficits. Now his obsession has shoved the nation to a “fiscal cliff” that might well end up raising the age that Medicare kicks in and chopping billions out of all sorts of other programs near and dear to the hearts of America’s working families.

These cutbacks make no sense. The current federal budget deficit directly reflects the bursting of the housing bubble five years ago and the resulting Great Recession. Put people back to work and end that recession, progressive economists note, and that deficit would quickly start shrinking. ................(more)

The complete piece is at: http://toomuchonline.org/a-billionaire-obsesses-our-politics-regresses/