You Can't Take It With You

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Astoria, NY: First off, I was very impressed by the article. I would like to know what message exactly you are trying to get out to the youth. That Social Security and Medicare are gonna evaporate before we reach the age of qualifying for it? Or that the state of current economic affairs in this country are set-up in a way that it's giving even more privilege to the privileged class? (Through deregulation in the financial industry and tax codes.) I got a hint of both from the article, but I'm not sure exactly what your foundation is meant to drive home.

Peter Peterson: While it is certainly true that, absent reform, Social Security and Medicare benefits could be sharply reduced for the young when they retire. But, more than that, these benefits, in the meantime, would be going to 78 million baby boomers, twice the number of elderly that we have now. So, the young now kind of have the worst of both worlds. Not only are their benefits likely to be reduced when they retire, but, in the meantime, they will be stuck with the huge bills that are involved in meeting the benefits of the 78 million baby boomers. It is also true that inequality of income is much higher than I can remember it being. That is why I could be for a program that not only involves benefit reform and reduction for everyone but the poor tied to increased marginal rates on teh well off.
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Milwaukee, Wisconsin: If corporations are acting in their own interest, are we at a tipping point where it is in their interest to help preserve the planet, the economy and the American way of life? Or do you think there is a perception that we can continue blindly on the current path?

Peter Peterson: Too many people in business and elsewhere have an aggravated case of "short-termitis" and a denial of these long term challenges that most of us who study these things beleive are undeniable, unsustainable and, yet, politically untouchable. It is overwhelmingly in the interest of the business community to have long term economic growth because what tends to be good for the economy tends to be good for business. Trying to energize the business community to confront these long term challenges is one of the key objectives of my new foundation.

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