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      Week-end Wrap – Political Economy – August 25, 2019 by Tony Wikrent Economics Action Group, North Carolina Democratic Party Progressive Caucus Strategic Political Economy Give No Heed to the Walking Dead [The Scholar’s Stage, via Naked Capitalism 8-18-19] The People’s Republic of China is wealthier than any rival America has faced. Its leaders are convinced […]
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Obama’s “Fiscal Responsibility Summit” and the Week Ahead

FDR signing the Social Security Act

FDR signing the Social Security Act

It’s going to be a big week for the Obamagharchy. In order to short-circuit the coming Obamageddon, our Dear Leader is making “fiscal responsibility” the focus of his week. On Monday, President Obama will meet with lots of “experts” and think tank denizens to discuss the future of what is left of the social safety net: Social Security, Medicare, and Medicaid. The meeting will take place on Monday from 1-4:30PM in the State Dining Room of the White House. According to Politico, the event will open with

addresses by President Obama and Vice President Biden. It’s set to include members of both houses of Congress from both parties.

The opening session will be followed by “breakout” sessions of five topics: health, tax policy, Social Security, contracting and procurement, and the budget, each led by senior officials.

The budget director, Peter Orszag, will be leading the health breakout — a policy area on which he’s long focused, and one expected to be front and center in the budget.

Christina Romer and Larry Summers will lead the Social Security session…

One hundred and thirty guests, reportedly including forty-four blue dog Democrats and a number of Republicans, have been invited to participate. Some of the invitees from Congress whose names have been published are House Speaker Nancy Pelosi, D-Calif., House Republican Leader John Boehner, R-Ohio, Sen. Judd Gregg, R-New Hampshire, Sen. Kent Conrad, D-North Dakota, Rep. Darrell Issa, R-Calif., Jim Matheson, D-Utah, Stephanie Herseth Sandlin, D-South Dakota, and Dave Camp, R-MI (ranking member of the Ways and Means Committee). CIA Director Leon Panetta will also attend because of his experience working on the federal budget in the Clinton Administration.

Also invited to attend are “leaders” of the Peter G. Peterson Foundation, an organization begun by billionaire Peterson to push for “reform” (read elimination) of Social Security and other “entitlement” programs. William Greider wrote about Peterson’s project in a column entitled “Looting Social Security” in The Nation last week. Continue reading