Your Tax Dollars at Work: Redistribution in Washington Today

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Written by Dean Baker   
Wednesday, 10 November 2010 16:30

We all know that redistribution of income is supposed to be a dirty word, but we saw a big display of it yesterday in our nation's capital. Investment banker Peter Peterson, who personally pocketed tens of millions of dollars from the fund managers tax break, announced a huge $6 million ad campaign.

The ad campaign of course is intended to promote more redistribution. It is about taking away the Social Security benefits that ordinary workers have already paid for in order to keep down the taxes paid by the Peter Peterson Wall Street banker types.

The great part of the story is that Peterson's crew claims that taking away workers' Social Security will help their children and grandchildren. That might fool a highly paid Washington pundit, but not anyone who works for a living.

As anyone who ever looked at the Social Security Trustees Report or the Congressional Budget Office's projections knows, we can easily afford Social Security. What we can't afford is the endless thievery of the Peterson Wall Street crowd.

This article originally appeared on TPMCafé.