11/16/2012 05:11 pm ET Updated Jan 15, 2013

Open Letter to President Obama: Election Mandate to Govern for the Common Good of 99%, Not the Greed of 1%

Dear Mr. President,

Wall St., media, Republicans and some Democrats have succumbed to lavishly-funded efforts by the likes of Wall St. billionaire Peter Peterson to refocus political dialogue away from jobs onto deficits. The false deficit narrative has become excuse to cut and ultimately privatize Social Security, Medicare and Medicaid in order to pay for continued increased tax breaks for the wealthy and the decades-long transfer of wealth upward. To that end, Peterson has helped finance "Fix the Debt", with the backing of more than 80 CEOs, to promote ever larger tax breaks for the wealthy on the backs of the working and unemployed.

Mr. President, you were re-elected to stand for working people, not wealthy special interests. You know the remedies for general inflationary health costs that affect Medicare and Medicaid. Laudably, you have targeted inefficiencies of Medicare Advantage Plans. Further deficit-reducing measures that benefit people instead of corporate lobbies include: Wall Streeters eager to privatize Social Security to line their pockets with substantial fees for privatized accounts incorrectly cite Social Security as a contributor to the deficit. The separate Social Security Trust Fund can be made solvent well into the future by lifting the cap on income above $110,000 for Social Security taxation, as you proposed in 2008.

The "Grand Bargain" promoted by Wall St. is in reality the "Great Betrayal" of the people who elected you. You, not Republicans, won a mandate to stand for people. The electorate wants you to use the bully pulpit to forcefully make the case for the 99%. There should be no further compromising away the working class to benefit the bottom line of the Wall St./corporate 1%.

Your majority constituency