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Peter G. Peterson Commits $1 Billion Toward Solving America's Most Significant Economic Challenges
Date:2/15/2008

Peterson Launches Foundation to Target 'Undeniable, Unsustainable and Untouchable' Threats to the Nation's Future and to future Generations of

Americans U.S. Comptroller General David M. Walker to Serve as President and Chief

Executive of the Foundation

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 Com
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SOURCE The Peter G. Peterson Foundation
Copyright©2008 PR Newswire.
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