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Wall Street Astroturf Anti-Entitlement Group Going Broke

Wall Street Sign NYC.jpg

Can you say irony? The fake “millennial” group funded by Wall Street called “The Can Kicks Back” which supports cutting Social Security and Medicare to solve the debt problems and bring “fiscal sanity” to the budget has gone bust.

Yes, the group created and funded by Wall Street to protest in favor of austerity to improve budget management has proved unable to manage its budget.

Hard to believe billionaires don’t understand grassroots organizing especially on issues as popular as cutting Social Security and Medicare.

Everyone is having a bit of a laugh today at the expense of “The Can Kicks Back,” the youth-oriented affiliate of the group known as “Fix the Debt,” which is yet another of the many organizations funded by single-minded deficit hawk billionaire Pete Peterson, along with a few of his similarly wealthy peers. The Can Kicks Back, which was supposed to nurture a youth movement to support Peterson’s goal of social insurance cuts and tax reform, now finds itself “nearly broke,” according to various internal documents obtained by Politico’s Byron Tau. As of November: “The group’s cash reserves were down to $70,000, with more than $75,000 in outstanding donor commitments….” And they’re having trouble with the fundraising.

The proles just don’t know what’s good for them. Don’t they realize that free markets always work? Just give all your money to investment managers on Wall Street, it will all work out. Who needs Social Security and Medicare when you have Goldman Sachs and JPMorgan?

According to internal documents obtained by Politico one of the groups problems was a lack of diversity. Apparently a group funded by rich white guys came off as a group funded by rich white guys.

In one email thread, The Can Kicks Back founders mock a photo of a Fix the Debt event featuring a “bunch of old white guys.” Troiano mocked Fix the Debt’s diversity efforts as “pathetic.” Asked for comment, a senior The Can Kicks Back official said: “We enjoyed working with Fix the Debt and appreciate their efforts toward a cause we share.”

But the group also worried about its own public perception and internal diversity issues. “As everyone is aware, our team is all white and 75% male … made all the more glaringly obvious now by the photos on the about page,” Eisenstadt wrote in an email in September 2012. “I strongly suggest we develop a plan to address this in the next couple weeks before we get branded as something we are not.”

Woops, people might brand you as lacking diversity if you are all white guys.

So the 1% goofed on numerous levels at its plan to fool the 99% into supporting the 1%’s agenda this time. But surely they can find some dupes of other races next time – people either dumb or venal enough to sell out.

Until then “The Can Kicks Back” is about to kick the bucket.

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Dan Wright

Dan Wright

Daniel Wright is a longtime blogger and currently writes for Shadowproof. He lives in New Jersey, by choice.