gang of six

The chained Consumer Price Index (CPI), a provision included in the Gang of Six's deficit reduction package, raises taxes on low- and moderate-income workers, according to a recent report by the Joint Committee on Taxation. This belies the claim that the harm done to the middle class by the chained CPI's benefit cuts would be partly off-set by the revenues it would generate.

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On Face the Nation this Sunday, Sen. Mark Warner was asked by host Bob Schieffer why his ‘Gang of Six’ would take on Social Security reform in their forthcoming budget proposal. His response reflected a commonly-held myth about Social Security’s history that greatly exaggerates the changes in the worker-to-retiree ratio between 1950 and today.

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It should have been the lead story from coast to coast: A bipartisan panel of senators, including some of that body's most conservative members, released a damning report that slammed bankers, regulators and ratings agencies—and they made it clear that they'd like to see warrants issued against the CEO of Goldman Sachs and other financial executives.

This report was endorsed by all of its Republican members, including conservative co-chair Tom Coburn and Tea Party Senator Rand Paul. Hey, editors, how's this for a headline? "Libs and Tea Party Senators demand: 'Bring me the head of Goldman Sachs.'"

Now that's what I call news!

The media responded with a collective yawn.

Last week also saw yet more coverage of the relentlessly publicity-grubbing "Gang of Six." It's hard to imagine a more stale story. The Gang's just the latest in a series of right-leaning groups that throw a few persuadable Democrats in with Republicans, label them 'bipartisan' or even 'centrist,' then start issuing calls for a conservative agenda that cuts entitlements and keeps taxes low for the wealthy. We've seen that story a thousand times, both in general and specifically about these six senators. What's more, the Democratic Gang members have been bypassed by President Obama and Senate Majority Leader Harry Reid, so a few more interviews with this over-exposed crowd aren't exactly "man bites dog" stuff.

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The phrase "Moment of Truth" first appeared in English in Ernest Hemingway's Death in the Afternoon. It was originally a Spanish expression for for the final sword-thrust in a bull-fight, the one that finishes off the bull after the matador is done taunting and tormenting him.

Remember that whenever you hear about "The Moment of Truth Project," the latest public relations venture from the Social Security-slashing Pete Peterson crowd. It could be el momento de verdad for your future financial security.

Orwell's Children

If the phrase also reminds you of the reality-twisting "Ministry of Truth" from Orwell's 1984, that's appropriate too. A highly-financed network of consultants, ex-government officials, and politicians has been deployed to mislead the public on basic, unequivocal truths about Social Security, whose$2.6 trillion dollar trust fund could bankroll a lot of tax breaks for the wealthy. All it takes is a campaign to mislead and confuse the public.

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