Debt cutting frenzy has been rampant across North America and Europe, with ‘everyone’ (i.e., politicians, elite media, and the oligarchs) arguing that if the deficits are not reduced by cutting spending on social services, countries risk ruin. This phony consensus has been driven by pseudo-grassroots campaigns like ‘Fix the Debt’ and the Simpson-Bowles ‘Catfood Commission’, while standing in the shadows and pushing this agenda is billionaire Pete Peterson who has poured half a billion dollars into trying to cut Social Security, Medicare, Medicaid, and other social programs. [Read more…]
