A Win for “Just Scrap the Cap”

Conservative billionaire Pete Peterson, a major financier in the effort to dismantle Social Security, Medicare, and Medicaid, just got some egg on his face courtesy of the Social Security Works – Washington coalition, the Economic Opportunity Institute and PSARA.

The winning video in the Pete Peterson Foundation’s video contest – which had the goal of “compiling videos of people across the country letting Congress and the President know why fixing our nation- al debt is so important” – was “Just Scrap the Cap”, which represents the antithesis of Peterson’s austerity agenda.

If you haven’t seen it, “Just Scrap the Cap” 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 billion- aires like Peterson to pay the same Social Security tax rate as the guy who shines his shoes. Watch it here: www.justscrapthecap.com

Here’s the best part: After the votes were tallied and it was determined “Just Scrap the Cap” received the “Fan Favorite” award, Peterson was forced to cut a $500 check to Robby Stern, Social Security Works Washington Chair. Robby signed the check over to Social Security Works Washington and has promised that the coalition will use the money wisely: “We will use the $500 to finance our educa- tional efforts and our Scrap the Cap cam- paign. We want to save Social Security from Peterson and his band of wealthy supporters.” Surely Mr. Peterson will be pleased to hear his money is going to a good cause.

Also published at Puget Sound Alliance for Retired American’s website.