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.
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.