Peter G. Peterson Commits $1 Billion Toward Solving America's Most Significant Economic...

Peter G. Peterson Commits $1 Billion Toward Solving America's Most Significant
Economic Challenges
Peterson Launches Foundation to Target 'Undeniable, Unsustainable and
Untouchable' Threats to the Nation's Future and to future Generations of
Americans

NEW YORK, Feb. 15 /PRNewswire-USNewswire/ -- In a move to address the most
critical sustainability challenges that threaten America's future, Peter G.
Peterson today announced the formation of the Peter G. Peterson Foundation,
and his commitment to fund at least $1 billion over the next several years
toward addressing these challenges.
The targets of the effort will be the most substantial economic, fiscal
and other sustainability challenges of our current age, including: the
explosive growth of Federal entitlement programs; unaffordable healthcare
costs; unprecedented trade and budget deficits along with abysmally low
savings rates, and the associated skyrocketing foreign debt; unsustainable and
gluttonous energy consumption; an uncompetitive educational system; and the
threat to our collective future from the proliferation of nuclear warfare
materials.
"I have been around a very long time, and I have never seen so many
simultaneous challenges that I would describe as undeniable, unsustainable and
virtually untouchable politically," said Mr. Peterson, Senior Chairman of The
Blackstone Group and former U.S. Commerce Secretary. "We've reached the make
or break point in American history. These problems have reached tidal
proportions and festered for more than two decades due to political
irresponsibility -- now is the time to put politics aside and put the country
first, and begin to solve these problems with courage and clarity. This is
the moment in our history when we do what is necessary to remain a first class
country."
Leading the new foundation as President and CEO will be David M. Walker,
56, who has served as Comptroller General of the United States for the last
nine plus years, during which he has headed the U.S. Government Accountability
Office (GAO) and has been in effect the USA's chief accountability officer.
Mr. Walker will work directly with Mr. Peterson and the Directors of the
Foundation in setting the Foundation's goals and priorities as well as running
the organization's day-to-day activities.
"Dave Walker is an ideal choice to lead this foundation because he has
tremendous focus, credibility and insight. He has a track record of
commitment to these issues and is leaving a front row seat at the center of
our government, where he acquired an insider's knowledge of and perspective on
America's long-term fiscal and other challenges and the factors that influence
them," said Peterson. "Dave fully understands the stakes for our future, and
I am confident he will serve as a powerful, credible, non-partisan and
no-nonsense voice of reason on behalf of the Foundation and our mission."
The Peterson Foundation will focus on drawing attention to and solving the
most critical social, economic and environmental problems that threaten the
nation's economy and imperil the American way of life for future generations.
The Foundation will seek innovative means to advance its agenda, relying on
both traditional and non-traditional platforms to spread its message and call
Americans to action. When fully staffed, the Foundation will engage or employ
policy advocates, field educators, and digital media professionals in order to
mobilize key constituencies and develop programs to support its agenda.
Critical to the Foundation's efforts will be engaging and activating young
Americans and their parents, the business community and the media.
The Foundation will finance efforts to raise public awareness and
understanding, as well as develop and implement sensible policy solutions.
The Foundation today announced the first two recipients of grants will be: The
Concord Coalition for the Fiscal Wake-up Tour and Sam Nunn's Nuclear Threat
Initiative (in partnership with Warren Buffett). A number of other grant
possibilities are currently being considered.
Peterson believes the nation's political leadership has fallen prey to
short-term thinking and lacks the courage to clearly spell out the
difficulties, contributing to a state of denial. "If Americans are told the
truth, and if they feel the required sacrifices for our common future are
fairly shared, I have enormous faith that they will respond with a commitment
to identify and implement the right solutions," Mr. Peterson said.
The Peter G. Peterson Foundation
The mission of The Peterson Foundation is to enhance the public
understanding of the nature and urgency of selected key sustainability
challenges that threaten America's future, to propose sensible and workable
solutions to address these challenges and to build public will to do something
about them.
www.petergpetersonfoundation.org
SOURCE The Peter G. Peterson Foundation

Steven Rubenstein, +1-212-843-8043, or Robert Lawson, +1-212- 843-8040, both
of Rubenstein Communications, Inc., for The Peter G. Peterson Foundation