'If the Budget Committee listens to them, it could mean disaster for millions of Social Security recipients.'
Legendary financial journalist William Greider was unaccustomed to receiving a phone call and then being told to wait. But Pete Peterson was a billionaire, a former cabinet secretary under Richard Nixon, and a man accustomed to getting his way. Peterson spent decades financing efforts to reduce government spending, with a special interest in cutting Social Security and Medicare.
Peterson spent a reported half billion dollars trying to convince the public that government deficits were a greater crisis than, say, the country's epidemics of poverty and needless deaths.
For decades, the Peterson crowd reigned supreme in Washington policy circles. Then, in recent years, the"deficit hawk" mentality seemed to lose its clout. Under Donald Trump, Republicans engaged in a deficit spending spree on an unprecedented scale. Joe Biden came into office with a $3.5 trillion spending plan.
"In an effort to explain the budget in an easily understandable way, Bixby uses metaphors that resonate with the average American. First, he likens a budget to going on a diet ... Next, he likens the budget committee to a family meeting ... like Mom and Dad sitting at the kitchen table at the beginning of the year, figuring out what the family can afford."
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