The Peter Peterson Foundation won’t advertise this, but the winning video in their “I’m Ready” Video campaign – which had the goal of “compiling videos of people across the country letting Congress and the President know why fixing our national debt is so important” – represents the antithesis of Peterson’s “austerity agenda.”
Peterson, a Wall Street billionaire who has spent $500 million in five years in an attempt to generate public support for slashing Social Security, Medicare, and Medicaid, sent a $500 check to Robby Stern, Chair of the Social Security Works Washington Coalition after Social Security Works – WA’s video Just Scrap the Cap won Peterson’s web video competition.
The video is a humorous plea to shore up Social Security’s long-term finances by eliminating the current FICA wage cap of $113,700. Also known as “Scrapping the Cap”, this change would require billionaires like Peterson to pay the same Social Security tax rate as the guy who shines his shoes.
“We are delighted!” said Robby Stern, winner of the contest and chair of Social Security Works Washington. “The $500 will help in our work to expose Peterson and his campaign, “Fix the Debt”, which is simply a plot to protect corporate tax breaks and the wealthy. He wants to balance the budget on the backs of senior citizens, the disabled and the rest of the 98% in our country who are struggling to get by. We will use the $500 to finance our educational efforts and our Scrap the Cap campaign here in Washington state. We want to save Social Security from Peterson and his band of wealthy supporters.”