This is one of those guys who are not happy being rich–unless everyone else is poor.
But you don’t need smarts, courage, or vision to change history. You just need a ton of money, the sort of fortune that 86-year-old Peter Peterson has amassed over his years wheeling and dealing on Wall Street.
Peterson, one of the co-founders of the Blackstone private equity firm, has been obsessing for years over federal budget deficits. Now his obsession is shoving the nation toward a “fiscal cliff” that might well end up chopping billions out of Social Security and all sorts of 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, as well as the price tag of our unnecessary wars in Iraq and Afghanistan. Put people back to work, rebuild the economy, and end the wars, as progressive economists note, and that deficit would wither.