Thursday, October 8 , 2015, 1:21 pm | Fair 80º

Jim Hightower: ‘Fix the Debt’ Nothing But Another Corporate Fraud

By Jim Hightower | @JimHightower |

Look out, the “fixers” are coming.

Top corporate chieftains and Wall Street gamblers want to tell Washington how to fix our national debt, so they’ve created a front group called “Fix the Debt” to push their agenda. Unfortunately, they’re using “fix” in the same way your veterinarian uses it — their core demand is for Washington to spay Social Security, castrate Medicare and geld Medicaid.

Who’s behind this piece of crude surgery on the retirement and health programs that most Americans count on?

Pete Peterson, for one. For years, this Wall Street billionaire, who amassed his fortune as honcho of a private equity outfit named Blackstone, has runs a political sideshow demanding that the federal budget be balanced on the backs of the middle class and the poor. Fix the Debt is just his latest war whoop, organized by a corporate “think tank” he funds.

This time, Peterson rallied 95 CEOs to his plutocratic crusade, including the likes of General Electric boss Jeffrey Immelt and Honeywell chief David Cote. (Note: Both Immelt and Cote, while cheering for cuts to programs that we working Americans pay into, are themselves taking money hand over fist from taxpayers in terms of military contracts and corporate subsidies for their corporations. But they aren’t concerned about defense spending and ending subsidies that benefit their bottom line.)

All of them are not merely “One Percenters,” but the top one-tenth of One Percenters. Of course, a group of pampered, narcissistic billionaires would not make a credible sales argument for this dirty work. Having elites piously preach austerity to the masses would be as ineffective as having Colonel Sanders invite a flock of chickens to Sunday dinner.

Presented with this image problem, Fix the Debt needed to give their campaign a more benign image, and Peterson and Co. followed a tried-and-true formula of political deceit. As described by Mary Bottari of the Center for Media and Democracy, the trick is to “gather a bipartisan group of ‘serious’ men, hire a PR firm to place them on TV shows, blanket the media with talk of a looming crisis and pretend to have grassroots support.”

In this case, a collection of former member of Congress, each of whom had a reputation for being moderate to the extreme, were recruited to give the campaign a sheen of high public purpose. Backed by a $40 million budget put up by the corporate interests, these “elder statesman” are now the face of Fix the Debt, doing dozens of TV interviews, hosting breakfast sessions with members of Congress, making speeches about “mutual sacrifice” and generally going all-out to sell the financial elite’s snake oil.

But wait, being an elder doesn’t automatically mean you’re a statesman. Let’s peek at the résumés of these so-called public-spirited fixers of the debt. Start with Jim McCrery, a former GOP lawmaker from Louisiana. While urging Congress to cut people’s programs, he’s also a top-paid lobbyist pushing Congress to give more tax subsidies to America’s richest people and to such multinational corporations as General Electric.

Former Democratic Sen. Sam Nunn is a fixer, too — but he’s also paid $300,000 a year to be on the board of directors for General Electric. Likewise, Democrat Erskine Bowles, a co-founder of the fixers’ front group, is on the board of Morgan Stanley, drawing $345,000 a year. And former GOP Sen. Judd Gregg takes about a million bucks a year as adviser to and board member for such giants as Goldman Sachs and Honeywell.

Fix the Debt is nothing but another corporate fraud. I wouldn’t let this gang of fixers touch pet my dog, much less my Social Security!

Jim Hightower is a national radio commentator, writer, public speaker and author of Swim Against The Current: Even A Dead Fish Can Go With The Flow. Click here to contact him, follow him on Twitter: @JimHightower, or click here to read previous columns. The opinions expressed are his own.

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» on 01.17.13 @ 12:35 PM

They still think the American people are stupid. To a large degree they are correct, but not to the extent they might hope, to paraphrase Lincoln.

This whole fiscal cliff fight is about tax cuts for the “rich”. And for trying to deny the top 1% an extension of these cuts, the GOP will punish us by choking America’s economic growth. They will keep a low level of panic simmering just high enough to stifle investments in technology, education, and infrastructure.

We’ve allowed them a choke hold through filibuster and super majority rules that effectively leaves the tail wagging the dog. Time to crop that tail.

» on 01.17.13 @ 02:19 PM

Well, we understand that you don’t think very much of this group. But you tell us virtually nothing of what they propose.

Wouldn’t it be helpful for us to make up our own minds if you told us what it is that they are proposing with which you disagree?

» on 01.17.13 @ 02:57 PM

Just because a criminal proposes that you do something useful doesn’t mean its not. I agree that Wall Street fat cats don’t have a lot of credibility in the make wealth arena, being a bunch of wealth accumulating pirates looters and gamblers, but suggesting we get our governments spending addiction under control BEFORE we ask for more taxes is not wrong.

Entitlements are out of control and they need to be reined in and simply sucking more capital out of weak markets is not going to fix the problem. However a strong economy, one that makes more value than it consumes, does mean more revenue would be available. That is simply saying EARN what you want to spend instead of STEALING it or BORROWING it.

I don’t honestly know why you commies on the left have such a problem with that.

BTW – these same industries you love to hate Jimmy, are all in your man’s pocket. If the love fest were any stronger between Immelt and Obama they would have to get a room.

» on 01.17.13 @ 03:28 PM

Don’t you just love liberal writers who try to destroy the messenger while they ignore the message.  I find nothing in this article which even recognizes the seriousness of our national debt and continuing deficits, let alone suggests a plan for correcting them.  All I see are unsubstantiated allegations questioning the motivations of people behind a group that is actually trying to do something about it.  For get the fact that each of the individuals he attacks is self- made and is seriously concerned about the nation’s future.  They are successful; therefore, ipse dixit they have a selfish agenda.

» on 01.17.13 @ 05:04 PM

Here is a idea. Social Security- most people pay into it. It is suppose to go into it’s own fund. Feds stop stealing from it. Manage the fund to make the best money. When it is time for the person to get it back pay them what his fund is worth. Stop paying people that have NOT payed into it. Same with medicare and the other funds. This would work.

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