Pete Peterson Wants to Make Hard Choices

Recently, we ran across an op-ed piece from Pete Peterson, founder of the Blackstone Group. In it, he describes his plan to take the $1 billion he made from Blackstone’s public offering and start his own charitable foundation. He worries about that “our children are unrepresented.” We’re creating debts, problems, and unresolved situations that they will have to address, but will have fewer options to do so because of our behavior and policies.

He’s right to be concerned. We’re concerned too and are convinced that the only way to avoid dumping enormous problems in our children’s laps is to make hard choices now. If we make choices now that address some of our most glaring problems – unfunded entitlement programs, inadequate public education, unnecessary government spending, insufficient personal wealth – we can avoid passing on our problems to our kids. The world does not soften for each successive generation. Our children will have their own problems. They don’t need ours.

The Peter G. Peterson Foundation (and similar organizations, like the Concord Coalition) has the right idea: educate the public about the fiscal problems of our country. So many people are unaware. But the solution cannot be education alone. We must also embrace our challenge and opportunity to sacrifice for our country and children. By giving up some personal comforts, by working a little later into life, and making other small changes to our lives, in 20-30 years we can give to the next generation a solvent government, an older generation with retirement wealth, and a country that is more civic minded.

Our first step: start making hard choices. We’ve made easy ones for too long.