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Peterson, et. al.: Pay Up or Shut Up!

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opednews.com Headlined to H3 3/18/13

Billionaire Pete Peterson has a new front called "Fix the [National] Debt." It provides a teachable moment. It's been possible for 51 years for individuals to make donations to a Treasury account called "Gifts to Reduce the Public Debt." It's even tax deductible. Yet, in all that time only $85 million has been donated .

Peterson and Fox owner Rupert Murdoch--with tools Norquist, Armey, Beck and Limbaugh, and dupe dittoheads everywhere--grossly exaggerate the import of the national debt. If it's so dangerous, where are their own example-setting, magnificent, patriotic donations? Didn't they benefit at all in wealth-making from the trillions of dollars expended on infrastructure and on "defense" to protect them from USSR communists taking over and socializing their property? After all, the national debt is composed of expenditures beyond all their "magnificent" contributions of taxes paid.

Main Street's unemployment and de-leveraging are receding painfully slowly and debt peonage is rising for Americans who seek higher education. Conservative exaggerators (Big Liars) claimed that government spending never creates jobs. Of course it does, and it supports many others in private civilian jobs--not only in the uniformed services and defense, but in many other areas. Spending cuts such as the sequestration kill jobs. Congress could, constitutionally, create all the money needed (without debt) for real stimulus (search "United States Notes"). It could just grant it to small- and medium-sized private businesses and restrict it to use for new domestic hires. But this would threaten private banks' monopoly on lending. The Crash of 2008 was so severe that the Federal Reserve created over $16 trillion to save the banks and continues even now with quantitative easing. Yet, growth is unsatisfactory and Consumer Price Index (U) inflation has remained low: 0.4 percent in 2009, 1.6 percent in 2010, 3.2 percent in 2011, and 2.1 percent in 2012. So much for hyperinflation. Congress loves and fears bankers, so it has stalled for four years, hoping the Crash-impoverished can get jobs, de-leverage and consume again.

Peterson, tools and dupes on this national debt: PAY UP OR SHUT UP!


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The author, born 1940, is a white male American retired college professor of philosophy raised as a secular Jew by professional parents. He is a long-time minor activist in the civil rights, anti-war, profeminism movements and taught critical (more...)

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For 51 years it's been possible to just write chec... by Robert Cogan on Monday, Mar 18, 2013 at 6:30:27 AM