HOME



Digby's Hullabaloo
2801 Ocean Park Blvd.
Box 157
Santa Monica, Ca 90405



Twitter:
@digby56
@DavidOAtkins

emails:
Digby:
digbysez at gmail
David:
isnospoon at gmail
Dennis:
satniteflix at gmail








Infomania

Salon
Buzzflash
Mother Jones
Raw Story
Huffington Post
Slate
Crooks and Liars
American Prospect
New Republic
Common Dreams
AmericanPoliticsJournal
Smirking Chimp
CJR Daily
consortium news

Blog-o-rama

Eschaton
BagNewsNotes
Daily Kos
Political Animal
Driftglass
Firedoglake
Taylor Marsh
Spocko's Brain
Talk Left
Suburban Guerrilla
Scoobie Davis
Echidne
Electrolite
Americablog
Tom Tomorrow
Left Coaster
Angry Bear
oilprice.com
Seeing the Forest
Cathie From Canada
Frontier River Guides
Brad DeLong
The Sideshow
Liberal Oasis
BartCop
Juan Cole
Rising Hegemon
alicublog
Unqualified Offerings
Alas, A Blog
RogerAiles
Lean Left
Oliver Willis
skippy the bush kangaroo
uggabugga
Crooked Timber
discourse.net
Amygdala
the talking dog
David E's Fablog
The Agonist




01/01/2003 - 02/01/2003 02/01/2003 - 03/01/2003 03/01/2003 - 04/01/2003 04/01/2003 - 05/01/2003 05/01/2003 - 06/01/2003 06/01/2003 - 07/01/2003 07/01/2003 - 08/01/2003 08/01/2003 - 09/01/2003 09/01/2003 - 10/01/2003 10/01/2003 - 11/01/2003 11/01/2003 - 12/01/2003 12/01/2003 - 01/01/2004 01/01/2004 - 02/01/2004 02/01/2004 - 03/01/2004 03/01/2004 - 04/01/2004 04/01/2004 - 05/01/2004 05/01/2004 - 06/01/2004 06/01/2004 - 07/01/2004 07/01/2004 - 08/01/2004 08/01/2004 - 09/01/2004 09/01/2004 - 10/01/2004 10/01/2004 - 11/01/2004 11/01/2004 - 12/01/2004 12/01/2004 - 01/01/2005 01/01/2005 - 02/01/2005 02/01/2005 - 03/01/2005 03/01/2005 - 04/01/2005 04/01/2005 - 05/01/2005 05/01/2005 - 06/01/2005 06/01/2005 - 07/01/2005 07/01/2005 - 08/01/2005 08/01/2005 - 09/01/2005 09/01/2005 - 10/01/2005 10/01/2005 - 11/01/2005 11/01/2005 - 12/01/2005 12/01/2005 - 01/01/2006 01/01/2006 - 02/01/2006 02/01/2006 - 03/01/2006 03/01/2006 - 04/01/2006 04/01/2006 - 05/01/2006 05/01/2006 - 06/01/2006 06/01/2006 - 07/01/2006 07/01/2006 - 08/01/2006 08/01/2006 - 09/01/2006 09/01/2006 - 10/01/2006 10/01/2006 - 11/01/2006 11/01/2006 - 12/01/2006 12/01/2006 - 01/01/2007 01/01/2007 - 02/01/2007 02/01/2007 - 03/01/2007 03/01/2007 - 04/01/2007 04/01/2007 - 05/01/2007 05/01/2007 - 06/01/2007 06/01/2007 - 07/01/2007 07/01/2007 - 08/01/2007 08/01/2007 - 09/01/2007 09/01/2007 - 10/01/2007 10/01/2007 - 11/01/2007 11/01/2007 - 12/01/2007 12/01/2007 - 01/01/2008 01/01/2008 - 02/01/2008 02/01/2008 - 03/01/2008 03/01/2008 - 04/01/2008 04/01/2008 - 05/01/2008 05/01/2008 - 06/01/2008 06/01/2008 - 07/01/2008 07/01/2008 - 08/01/2008 08/01/2008 - 09/01/2008 09/01/2008 - 10/01/2008 10/01/2008 - 11/01/2008 11/01/2008 - 12/01/2008 12/01/2008 - 01/01/2009 01/01/2009 - 02/01/2009 02/01/2009 - 03/01/2009 03/01/2009 - 04/01/2009 04/01/2009 - 05/01/2009 05/01/2009 - 06/01/2009 06/01/2009 - 07/01/2009 07/01/2009 - 08/01/2009 08/01/2009 - 09/01/2009 09/01/2009 - 10/01/2009 10/01/2009 - 11/01/2009 11/01/2009 - 12/01/2009 12/01/2009 - 01/01/2010 01/01/2010 - 02/01/2010 02/01/2010 - 03/01/2010 03/01/2010 - 04/01/2010 04/01/2010 - 05/01/2010 05/01/2010 - 06/01/2010 06/01/2010 - 07/01/2010 07/01/2010 - 08/01/2010 08/01/2010 - 09/01/2010 09/01/2010 - 10/01/2010 10/01/2010 - 11/01/2010 11/01/2010 - 12/01/2010 12/01/2010 - 01/01/2011 01/01/2011 - 02/01/2011 02/01/2011 - 03/01/2011 03/01/2011 - 04/01/2011 04/01/2011 - 05/01/2011 05/01/2011 - 06/01/2011 06/01/2011 - 07/01/2011 07/01/2011 - 08/01/2011 08/01/2011 - 09/01/2011 09/01/2011 - 10/01/2011 10/01/2011 - 11/01/2011 11/01/2011 - 12/01/2011 12/01/2011 - 01/01/2012 01/01/2012 - 02/01/2012 02/01/2012 - 03/01/2012 03/01/2012 - 04/01/2012 04/01/2012 - 05/01/2012 05/01/2012 - 06/01/2012 06/01/2012 - 07/01/2012 07/01/2012 - 08/01/2012 08/01/2012 - 09/01/2012 09/01/2012 - 10/01/2012 10/01/2012 - 11/01/2012 11/01/2012 - 12/01/2012 12/01/2012 - 01/01/2013 01/01/2013 - 02/01/2013 02/01/2013 - 03/01/2013 03/01/2013 - 04/01/2013 04/01/2013 - 05/01/2013 05/01/2013 - 06/01/2013 06/01/2013 - 07/01/2013 07/01/2013 - 08/01/2013 08/01/2013 - 09/01/2013 09/01/2013 - 10/01/2013 10/01/2013 - 11/01/2013 11/01/2013 - 12/01/2013 12/01/2013 - 01/01/2014 01/01/2014 - 02/01/2014 02/01/2014 - 03/01/2014 03/01/2014 - 04/01/2014 04/01/2014 - 05/01/2014


 

This page is powered by Blogger. Isn't yours?

Hullabaloo


Monday, January 03, 2011

 
Peterson Rewind

by digby

Kevin Drum responds to my post this morning about "the good liberal" and says that he believes they probably can take social security off the table with a few tweaks.

Benefit cuts are unpopular, after all, and conservatives by themselves don't have either the desire or the ability to buck the public on this unless they also have the support of the Washington Post/Pete Peterson Beltway elite. And they won't have that once the program is officially solvent. A deal on Social Security kicks the legs out of the centrist support they need in order to have any chance of reducing benefits in the future.


Here's Peter Peterson in 2000, when the budget was in surplus:

PAUL SOLMAN: Solow got a Nobel Prize for a model of economic growth like this, driven by investment. And most economists agree with him -- that we ought to be paying down the debt over time. But some traditional Republicans go a lot further. Longtime deficit hawk Pete Peterson, President Nixon's Secretary of Commerce, says we should use all the surplus now to pay off our debts because our children and grandchildren will be taking on so much debt for our Social Security and Medicare in the future.

PETE PETERSON: Anybody that thinks about this problem has to know that when the boomers start retiring and these deficits, you know, go six, seven, eight hundred billion dollars a year, who's ever running the country at that time is going to have several choices: they can cut the benefits, they can increase taxes, or they can try to borrow huge, unprecedented amounts of money.

PAUL SOLMAN: Peterson and others have been making this case since the early days of big budget deficits -- when this TV ad first ran in 1985.

AD ANNOUNCER: You owe the United States government, in round numbers, $50,000.

[BABY CRIES]

PAUL SOLMAN: We may be generating surpluses at the moment, says Peterson, but they're a drop in the bucket.

PETE PETERSON: I have computed in today's inflation-adjusted dollars how much the deficits in cash are going to be over the next 75 years. It's a stunning number, just for Social Security. It's 21 trillion dollars.

PAUL SOLMAN: Twenty-one trillion in --

PETE PETERSON: Trillion dollars in cash deficits.

GOVERNOR GEORGE BUSH: What I want to do is take two trillion, half of the four trillion and save it for Social Security.

PETE PETERSON: People talk about how they're gonna to put a couple of trillion dollars away, you know, in a lockbox and even throw in interest, you know, on that money.

VICE PRESIDENT GORE: I'll secure the future of Social Security and Medicare by putting them in an ironclad lockbox with a sign that says "Politicians, Hands Off."

PETE PETERSON: I wish them well but I don't think there's ever been a lockbox that can't be picked by co-conspirators in the White House and Congress to spend it.


It could have been off the table then and Peterson didn't advocate for it. Instead he kept up his incoherent fearmongering and suggested that the surplus be used to "pay down the debt" instead of shore up the social security program, because the some future politician could spend the money. And we all know what happened then.

He also staged an earlier crusade just a couple of years after the 1983 Greenspan commission which did exactly what everyone says needs to be done again --- raise the retirement age (I don't qualify until I'm nearly 67 and I'm old) and force average workers to pay in more in anticipation of future shortfalls. He went on to spend the 90s shrieking about entitlements and the deficit, barely pausing for breath when the budget went into surplus -- and then forgot to speak up when George W. Bush passed massive tax cuts for the wealthy.

Pete Peterson is not a "centrist." He's not a liberal either, although he's pretended to be both over the years depending on which constituency he was trying to con at the time. He has one mission and one mission only: to end "entitlements." There is no deal, short of that, that will satisfy him and as long as the beltway considers him and his ilk to be nice, centrist deficit hawks instead of the wrecking crew they are, they will be right there with him until he (or whoever follows him) gets the job done.

I suppose it's possible to imagine a "deal" which would modestly raise taxes on non-wealthy individuals in exchange for benefits cuts (which doesn't sound like much of a deal to me.) But if it happens I can guarantee that Pete Peterson and the boys will be back in business the next day. They have been doing this for 30 years and they aren't going to stop until they get what they want. After all, actuarial balance doesn't mean anything to people who don't believe that social security is separately funded in the first place.

Here's old Pete in 1994:
"We will no longer be able to afford a system that equates the last third or more of one's adult life with a publicly subsidized vacation."


I think that most accurately reflects his real concern.


.

Search Digby!