From a very interesting article at Slate, by David Weigel, here is a little history of the austerity craze, and its number one leader, Peter Peterson. It focuses on the Concord Coalition, an advocacy group formed by Peterson and two Senators in 1992: "For 20 years, a coalition of wealthy people—Pete Peterson chief among them—has spent hundreds of millions of dollars to build public support for austerity... The modern era of anti-deficit pressure campaigns began in 1992...In Facing Up, a 1993 Concord Coalition manifesto, Peterson argued for raising the full-retirement age to 67, for an “affluence test” to make the wealthy pay more for Medicare, for higher Medicare premiums, and for more taxes on benefits. He argued for a bunch of programs that Democrats would like, too, but honed in on entitlements because, clearly, there could be no future if they survived intact. “The Clinton plan doesn’t come close to balancing the budget, even in the near term,” wrote Peterson. “Inevit...