Ep. 104: The Pete Peterson Austerity Empire and the “How Will You Pay For It?” Lie

“According to the Bipartisan Policy Center," "a recent study by the Concord Coalition disagrees," "One review of your budget by the Committee for a Responsible Federal Budget says." We’ve seen these seemingly benign Official Sounding sources hundreds of times—from presidential debates to 60 Minutes to countless articles in The Washington Post and The New York Times. 

But what the average person can’t reasonably know is that these organizations—Bipartisan Policy Center, the Concord Coalition, Committee for a Responsible Federal Budget, and PR projects like “The Can Kicks Back” and “America Speaks”—are all veiled front groups for a single, far-right billionaire whose entire life mission was to privatize social security, medicare and other entitlement programs under the auspices of fighting a so-called “deficit timebomb.” For decades, a web of Pete Peterson-backed front groups—often funded in concert with other like minded billionaires—has used the faux neutrality of think tanks, institutes, and academia to launder "anti-deficit" messaging for American pundits, reporters, and politicians, entirely capturing the narrative around deficits and their alleged pending destruction of society as we know it.

This week, we explore the origins of Pete Peterson’s austerity propaganda machine, his web of influence, how he helped co-opt both conservative and liberal knowledge production, and how he and spent hundreds of millions of dollars to undermine what little liberal government the United States has left.

We are joined by David Dayen, executive editor of The American Prospect.

****

Guest

David Dayen is the executive editor of The American Prospect. His work has appeared in The Intercept, The New Republic, HuffPost, The Washington Post, the Los Angeles Times, and elsewhere. His first book, Chain of Title: How Three Ordinary Americans Uncovered Wall Street's Great Foreclosure Fraud, won the 2016 Studs and Ida Terkel Prize. His new book, Monopolized: Life in the Age of Corporate Power, will be published in June 2020. Follow him @ddayen.

****

Show Notes

Congress’s Biggest Obstacle

David Dayen | January 28, 2016 | The American Prospect

How the Ghost of a Billionaire Dedicated to Privatizing Social Security Will Haunt Us for Years to Come

R.J. Eskow | March 25, 2018 | AlterNet

Debate Moderators Under Spell of Deficit-Obsessed Billionaire

David Dayen | October 20, 2016 | The Intercept

Pete Peterson and Blackstone and Debt

Karen Hedwig Backman | October 21, 2016 | DailyKos

Unimpeded by Setbacks, the CEO Debt Fixers March On

Kevin Roose | January 22, 2013 | New York / Intelligencer

Pete Peterson’s Long History of Deficit Scaremongering

Lisa Graves | February 20, 2013 | The Nation

Pete Peterson’s Puppet Populists

Mary Bottari | February 20, 2013 | The Nation

Stacking the Deck: The Phony ‘Fix the Debt’ Campaign

The Editors | February 20, 2013 | The Nation

Pete Peterson's 'Fix The Debt' Caught In Astroturfing Scam

Jon Amato | November 16, 2013 | Crooks and Liars

Alan Simpson Goes 'Gangnam Style'

Mark Memmott | December 6, 2012 | NPR

Unmasking the most influential billionaire in U.S. politics

Michael Hiltzik | October 2, 2012 | Los Angeles Times

Bribes Work: How Peterson, the Enemy of Social Security, Bought the Roosevelt Name

Yves Smith | June 3, 2011 | Naked Capitalism

Felix Salmon takes a blogging fellowship at CJR, has no problem annoying funder, Pete Peterson

Laura McGann | November 2, 2010 | NiemanLab

Backfire at “America Speaks” Propaganda Campaign vs. Social Security and Medicare

Yves Smith | July 5, 2010 | Naked Capitalism

America Speaks in LA – They Want Economic Recovery, No Social Security Cuts

David Dayen | June 26, 2010 | Shadowproof

Pete Peterson’s Media Empire

Julie Hollar | June 1, 2010 | FAIR

Critics question Post partnership

Mike Allen | January 2, 2010 | Politico

Worldfocus, Brought to You by Economic Fearmongers

February 10, 2009 | FAIR

WNET News Program Gains a Foothold but Draws Internal Complaints

Elizabeth Jensen | February 3, 2009 | The New York Times

Tax Break Helps a Crusader for Deficit Discipline

Landon Thomas, Jr. | February 15, 2008 | The New York Times

A Crusader in Clover

John Hess | March 1, 1997 | FAIR

The ‘Chicago Boys’ in Chile: Economic Freedom’s Awful Toll

Orlando Letelier | September 21, 2016 | The Nation

*****

Transcript

For a full transcript of this episode, go here.

******