Money Myopia

How much can you do in one hour?
The significance of an hour may be trivial to many people but Peter G. Peterson will never forget it. It was within the space of one hour that he became a billionaire.
Peterson, one of the founders of the Blackstone Group, a wealthy private equity firm, benefited as his firm went public, making him the recipient of a massive financial windfall. Not bad for the grandson of a Grecian immigrant who worked as a railroad dishwasher.
Now a man with so much looks to give back by fielding a billion dollar foundation that will focus on raising public awareness about financial issues in America. And America does have issues, about 53 trillions dollars worth.
First Peterson cites three examples of Americas financial "myopia." First there is the out of control social security and Medicare costs "equal to about three times our gross domestic "product." Second, Americans are much more in debt, especially to foreign countries, something that could have disastrous consequences for our future. Third, Americas health care costs double that of other countries but retain the same quality.
Peterson's still unnamed foundation will try to spread its message among the younger generation of American spenders, perhaps by borrowing a page from Al Gore's play book, creating the financial equivalent to his movie "An Inconvenient Truth." Peterson encourages us to dig deep and save, and to remember the pragmatism of the "Greatest Generation," his grandfathers generations.
Peterson's essay originally ran in Newsweek's regular column feature "Turning Points." His message is both stirring and sobering. One thinker suggested a sad possible engraving for America's tombstone.
"This Civilization died because it did not want to be bothered."