December 13th, 2012
09:10 AM ET

The Baby Boom and Financial Doom

By Fareed Zakaria

The American left has trained its sights on a new enemy: Pete Peterson. The banker and private-equity billionaire is, at first glance, an obvious target–rich and Republican. He stands accused of being the evil genius behind all the forces urging Washington to do something about the national debt. "The Peter G. Peterson Foundation is deficit-scold central," writes columnist Paul Krugman.

But for a deficit scold, Peterson does not seem very concerned about today's budget. "The current deficit is not the problem," he told me recently. "I wouldn't enact any measures to reduce it until the economy recovers properly." In fact, he is even in favor of additional stimulus spending, "as long as it's well designed and paid for," he notes. "My overriding concern has always been the long-term outlook, the massive structural deficits that we face as the baby boomers start retiring in large numbers. That's the problem we've simply refused to confront."

Read the full column at TIME

Topics: Time • United States

soundoff (7 Responses)
  1. Hahahahahahaha

    Same old BS from the Rich!!! Cut SS and Medicare so the old, poor, and sick can just DIE!!!!!!! But hey......check out that new Aircraft Carrier!!!!!!!! Hahahahahahahahahah

    December 13, 2012 at 9:29 am | Reply
  2. JAL

    Good article.

    December 13, 2012 at 9:40 am | Reply
    • JAL

      The people that should worry most about the fiscal cliff are the same people that can actually do something to help fix the issues. .

      December 13, 2012 at 9:44 am | Reply
  3. Fabio C. de Andrade

    Baby Boomers retirement will leave a hole...AND there it comes the bill ladies and gentlemen!

    December 13, 2012 at 10:12 am | Reply
  4. Virginia Cameron

    Americans are getting poorer because of outsourcing of jobs and it is not the fault of the seniors. The scare tactics don't fool everyone,corruption is so endemic to the US government with lobbyists buying votes. Ordinary Americans are being ripped off and the rich are being protected -so sad.

    December 13, 2012 at 1:03 pm | Reply
  5. deniz boro

    🙂 But isn't that just too obvious. Some states may have a difficulty in deciding on which dream to believe. a) Biological/nuclear weapons= war= increase in weapon sales= increase in cash money and jubs at home
    b) giving a shape to the social structure, long term bonus; short term high tax, etc, etc,...And most important of all the responsibility to take part in a decision in matters and issues people do not want to here about
    c) DILEMMA, undesired, unwelcomed and actually new and unknown stress 🙂
    Do watch "Once Upon a Time in America" in which Robert De Niro played. I do find it very current still. And please do enjoy the smile of Robert De Niro at the final scene of the film taken in a Chinese Hash House or equivalent.

    December 13, 2012 at 1:09 pm | Reply

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