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Do not confuse solvency with sustainability

Massive takedown of the ideological underpinnings of Peterson's "Let Them Eat Cat Food" campaign from Pavlina here:

The Peter G. Peterson foundation held its ‘fiscal summit’ yesterday to address the looming government debt and deficit ‘problem’. According to a TRNN journalist who attended the summit, the conference began with “we know what the problem is, the federal government debt and deficits have become unsustainably large, we need to make hard choices, cut government spending, including on Social Security and Medicare…”

Any sensible person should be scandalized by this purely ideological stance. When it is necessary to go into war, the deficit is never a problem; when we bail out the financial sector, deficit spending is a ‘requirement’, when we build prisons and pack more people in our jails, oh well… But when it comes to paying for the retired and the sick, surely the government can’t afford to do that! Grandma better pull herself by her bootstraps and take responsibility for her retirement or healthcare needs. But even if we get past the propaganda, Peterson and all the deficit hawks are making one fundamental mistake: they are confusing sustainability with solvency.

And read on for the good stuff.

Of course, analytical confusion is not necessarily the same as thing as the lack of a desired policy outcome!

Nevertheless, calling bullshit on the analytical confusion of the deficit terrorists, both hawks and doves, is necessary to inoculate people against Peterson's propaganda -- and to give them a reason to resist not merely Peterson's policy prescriptions -- who, besides our elites, wants your grandparents to die in their own shit? -- but his entire way of thinking, as well.

Peterson and his operatives, every single one of them, brought the financial collapse on the rest of us, and for their own gain. They are kleptocrats. They deserve not one iota of deference or respect, and destroying the credibility of their ideas is an act of merit.

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