Just as the deluge of political ads subsides, a new candidate is hitting the airwaves in Denver.
Hugh Jidette, a fictitious presidential candidate, appears in a series of TV ads as part of a campaign to raise awareness about the growing federal debt.
“I’m Hugh Jidette, and I say let’s keep borrowing and stick our kids with the tab,” Jidette (as in “huge debt”) says in one ad.
The $6 million campaign is funded by the Peter G. Peterson Foundation, started by the former commerce secretary and founder of the Blackstone Group private-equity firm.
The ads are appearing nationally, but the group chose to run them intensively in the test markets of Denver and Columbus, Ohio. Denver was chosen because Colorado is a swing state that reflects national trends, said Michael Peterson, Peter Peterson’s son and vice chairman of the foundation.
“We think we can use this kind of campaign to get people’s attention. We’re trying to keep it digestible and understandable for people,” he said.
Voters last week said reducing the debt is a higher priority for Congress than spending to create jobs or cutting taxes, Peterson said, citing a poll conducted by major media outlets.
“This moment is unique. The fiscal situation has never been more severe,” Peterson said. “Public focus on this issue is intensifying.”
The U.S. deficit was $1.3 trillion this year and the national debt $13.6 trillion. Deficits are the amount by which federal expenditures exceed the budget; debt is the total indebtedness of the federal government.
Debt stands at 90 percent of gross domestic product and is projected to grow to 230 percent in 30 years, the foundation said. A sustainable level is less than 40 percent, Peterson said.
On Wednesday, the chairmen of a bipartisan presidential deficit commission outlined their recommendations to cut $4 trillion through 2020. The proposal included cutting domestic and military spending, increasing gas taxes, eliminating some tax breaks and lowering some tax rates, and increasing the retirement age for Social Security.
Peterson called the plan a good start. The foundation isn’t promoting specific solutions to the debt crisis but rather is focusing on raising awareness, he said.
Greg Griffin: 303-954-1241 or ggriffin@denverpost.com
