The Campaign Against Retirement Benefits (Part I)
The Real News Network investigates the campaign by Wall Street billionaire Peter G. Peterson to win support for cuts in Social Security and other entitlement programs and finds that his arguments of an impending economic Armageddon lack credibility. Thomas Ferguson, political science professor at the University of Massachusetts and a senior fellow of the Roosevelt Institute, notes that modest increases in economic growth over a period of decades would be enough to avert the nightmare scenarios that Peterson uses. And Real News notes that Peterson has in the past made cataclysmic prophecies about the economy that did not come to pass.
This is Part I of a two-part report.