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Meet the Billionaire Bankrolling Austerity, As He Stands to Make Billions More From Privatization of Safety Net

The debunked Reinhart-Rogoff study, used as justification for deadly austerity programs, was pushed by none other than debt-obsessed Pete Peterson.
 
 
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The motivation behind the world-wide economic con of austerity has been discovered. And, the source is none other than Pete Peterson – the debt-obsessed billionaire who stands to make billions off the privatization of our social safety net. Just days ago we told you how a 28-year-old grad student debunked the Reinhart-Rogoff study used to push austerity throughout the world. Well, now we know why Republican “fuzzy math” was used in the first place. Pete Peterson's organizations bankrolled that study.

Kenneth Rogoff, one of the study's leading authors, is a member of the Advisory Board at the Peterson Institute, which published the pro-austerity study. And, Carmen Reinhart is a regular participant of Peterson Institute functions, along with the likes of Paul Ryan and Alan Simpson. While the now-debunked study's math might have been written off as a mere error by the authors, the link to Peterson indicates that ideology, rather than incompetence, is the cause.

The austerity-induced human suffering and economic destruction should have been evidence enough for democrats to stop believing in budget-cut myths. But, the link to Peterson proves that “high debt causes slow growth” theory is nothing more than right-wing manufactured hysteria. Peterson and the corporatist machine have created this problem, and the so-called solution, to perpetuate the myth that government spending – not historically low tax revenue – is the real problem. And they have even gotten democrats to believe it.

It's time for President Obama and Democratic leaders to see the writing on the wall and take a formal stand against austerity. No nation, in the history of the world, has ever cut it's way to prosperity, and no fabricated economic study can change that.

Thom Hartmann is an author and nationally syndicated daily talk show host. His newest book is "The Crash of 2016: The Plot to Destroy America — and What We Can Do to Stop It."

 
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