Owe No You Don't!

Even by the entitled standards of Wall Street billionaires the launch of the OweNo Campaign was ludicrous to the point of being farcical.

The OweNo campaign is being financed by billionaire investment banker Peter Peterson. Mr. Peterson has personally profited to the tune of tens of millions of dollars from the "fund managers' tax subsidy," an obscure provision of the tax code that allows billionaires to pay a lower tax rate than schoolteachers and firefighters.

Mr. Peterson has the gall to lecture Americans on fiscal responsibility while refusing to support taxing Wall Street billionaires at even the same levels as the middle class Americans, whose retirement benefits he proposes to cut.  

This Wall Street billionaire thinks that the right way forward is to cut the already low Social Security benefits that people have earned during their whole working life. The fact that around 70% of all Americans, Republicans, Democrats, and even self identified Tea Partiers oppose cutting Social Security benefits isn't going to slow this billionaire down.

The first step to fiscal responsibility is everyone paying their fair share, not asking middle class Americans with physically demanding jobs to work longer and undermining people's fragile retirement security cutting Social Security.

What is a billionaire to do?

While he won’t support paying his fair share, Mr. Peterson is willing to fund a $20 million advertising campaign that is intended to provide cover for the unaccountable and secretive National Commission on Fiscal Responsibility and Reform. The Fiscal Commission is due to report out recommendations on December 1st and the launch of the OweNo campaign is the first strike in a well orchestrated drumbeat aiming to legitimize the commission’s desire to cut Social Security.

What can you do?

  1. Sign the petition saying "Hands Off Social Security" by clicking here
  2. After signing the petition participate in our National Call In Day on November 30th
  3. Read the resources below and stay informed
  4. Tell your friends and family that they need to stand up for Social Security


The Schakowsky Deficit Reduction Plan: A Proposal that Actually Strengthens Social Security

Chart & Graph Comparing Annual Benefits for Medium Earner Under Different Proposals

Chart & Graph Comparing Annual Benefits for High Earner Under Different Proposals

Highlights of Key Polling on Social Security 

Fact Sheet: Why Social Security Benefits Should Not be Cut 

Complete Social Security Briefing Materials 

La Raza Fact Sheet: The Importance of Social Security for Latinos

EPI's Ten Reasons Why the Retirement Age Should Not Be Raised 

Chart Showing Benefit Cuts from Increased Retirement Age 

Fact Sheet: Why "Progressive" Price Indexing is a Huge Benefit Cut 

CEPR Study on Older Workers in Physically Demanding Professions 

CBPP Study: Bush Tax Cuts for Top 2%=Social Security's Long-Term Shortfall

NASI Report, "Fixing Social Security: Adequate Benefits, Adequate Financing"

Grijalva Letter to President Obama Opposing All Cuts to Social Security Benefits

Signers of Grijalva Letter

Giffords Resolution Opposing an Increase in the Retirement Age

Original Co-Sponsors of Giffords Resolution

Sanders-Brown-Stabenow Resolution Opposing All Cuts to Social Security Benefits

Original Co-Sponsors of Sanders-Brown-Stabenow Resolution

View the full text of the petition here