You Can't Take It With You

Peter Peterson: Hello, this is Peter G. Peterson, Senior Chairman and Co-Founder of The Blackstone Group and founder of the Peter G. Peterson Charitable Foundation.
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Charlottesville, Virginia: Why is it that only a few like yourself seem to have any social responsibility, while most CEO/billionaire types are the complete opposite....selfish, greedy and absolutely careless? Will the American people demand more corporate social responsibility??

Peter Peterson: I don't think there is any question that the middle class is in a state of serious populist revolt. They see their own income stagnating, exploding healthcare and energy costs, fears of globalization and job security and now even fears of their most precious and valuable asset, the ownership of their homes. Against this background, we see the upper one percent or less enjoying extraordinary increases in income and net worth. That is one reason that I am very willing to consider higher marginal rates on upper income groups tied to major reforms in our Social Security and Medicare programs, which, if we leave them in their current state, will mean very high taxes on everyone, including the middle class. As for the business community, I think it is a fair criticism that, quite apart from the inequality of incomes, we have been MIAs (Missing In Action) on some of these long term challenges that could have such a devastating effect on our children and grandchildren. That is why my foundation is going to make a major effort to reach not only the young, but to also try to figure out how we can energize the business community, in particular, CEOs, to confront some of these daunting long term challenges.

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New Brunswick, NJ: What is this "American Dream" you speak of? Are you talking about '50s-style prosperity for middle-class white Americans, or do you have something deeper and wider in mind? And what does the American Dream mean for people living outside of America?

Peter Peterson: I'm using the old-fashioned definition of the "American Dream;" namely, an American future in which our children and grandchildren do better than we do. Nearly sixty percent of Americans say they do not believe that their children and grandchildren will do better. As for the rest of the world, in a global economy they have an enormous interest in seeing an America that grows and grows, since it provides a market for their products.