The Deficit and Our Children: Just the Facts
Truthout, April 26, 2010
This is deficit-fest week with President Obama’s deficit commission scheduled to have their big public kickoff on Tuesday, followed by an all-day affair sponsored by the Peter G. Peterson Institute the next day. If the deficit hawks succeed, everyone should be really really scared about the deficit by the end of the week and just dying to cut Social Security and Medicare for the sake of our grandchildren.
While there will be many facts about the debt and deficit tossed out at these gala events, there are some important tidbits of information that are likely to go unmentioned. So, courtesy of billionaire investment banker Peter G. Peterson (not) we bring these facts to you here.
Unfortunately, the deficit hawks diverted discussion from the housing bubble when it was growing to ever more dangerous levels. It is unfortunate that even now they can still use their money and power to prevent the country from focusing on the real dangers to the country’s future.
Dean Baker is the co-director of the Center for Economic and Policy Research (CEPR). He is the author of False Profits: Recovering from the Bubble Economy. He also has a blog, "Beat the Press," where he discusses the media's coverage of economic issues.