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April 20, 2010

What About the People Who DIDN'T Wreck the Economy?

-- by Dave Johnson

Please visit Campaign for America's Future's Virtual Summit On Fiscal & Economic Responsibility By People Who Did Not Wreck the Economy.

The Peterson Foundation is holding a summit on how to cut the deficit, and then comes the Obama Deficit Commission. But military spending is off the table, they aren't going to raise taxes on the rich and the direct target is Social Security. So Campaign for America's Future is holding an online counter-summit.

Start here: Lectured On Fiscal Responsibility By The Irresponsible By Dean Baker,

To kick off his deficit commission, President Obama is planning a big show on April 27 that will include a number of experts talking about the need to reduce the deficit. Not one person among this group saw the housing bubble and the risks that it posed to the economy.

The next day, billionaire Wall Street investment banker Peter Peterson is sponsoring a day-long deficit-fest. Peterson not only excluded all of the economists who had warned of the bubble, but his show actually features the leading villains in this story. Peterson has invited former Federal Reserve Board Chairman Alan Greenspan and former Treasury Secretary and Citigroup top honcho Robert Rubin to lecture the country on the need to tighten our belts.


Then take a look at Top 5 Things Deficit Hawks Don't Want You To Know About Social Security -- click through for video.

Also, Bill Scher's "Deficit Reduction Blindness" Syndrome Plaguing New York Times,

There's a strange affliction impairing several New York Times reporters, Deficit Reduction Blindness. The syndrome blocks your ability to see a government reduce a budget deficit without also seeing massive pain inflicted upon its people.

Reporters with DRB can easily spot deficit reduction when it involves shredding Social Security and slashing Medicare.

And, finally, reprinted here in full is my own Dear Deficit Commission, It's Not Hard:

Dear Deficit Commission,

It's not hard to figure out why we have a huge deficit. It's so easy I don't have to use words. Here are some pictures:

Clinton_Bush_Deficit

Bill Clinton raised taxes on the rich. Bush cut them.

Now, about that huge national debt...

TopRates_vs_Debt_Chart

The second chart kind of explains itself. The third chart can help you find a place to get some money:

Defense-Budget

(Note: There is no more Soviet Union.)

In case that isn't clear enough, try this:

Defense Spending and Debt chart

Let me know if you still have any questions.


So go take a look. Any questions?

Posted by Dave Johnson at April 20, 2010 12:12 PM


Comments

In addition, Fiscalsustainability.org has organized a Teach-In Counter-Conference to the Peterson shindig. It's at GWU, i.e., not virtual, and it's free and open to the public. Of the teach-in, Professor James Galbraith comments:

“The Fiscal Sustainability Teach-In Counter-conference will be the important event in Washington on April 28. Unlike the other meeting, this one will feature important work by honest scholars. It deserves at least equal attention, and very much more respect.”

Here's the link:

http://www.fiscalsustainability.org/

At the link, you will also find an Act Blue widget, if you want to help out.

Posted by: lambert [TypeKey Profile Page] at April 25, 2010 6:02 AM

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