Peter G. Peterson has been screaming for years that our politicians are driving our nation to the poor house. And he’s about to put his money where his mouth is:

(Peterson) will spend $1 billion in an effort to get the public’s attention. The money, which comes from the windfall Mr. Peterson received when Blackstone went public last year, will finance a media blitz, starting with a documentary, “I.O.U.S.A.”

Peterson comes across as your typical conservative bootstrap-romantic, but that doesn’t make him wrong.

“Has something fundamental happened to the character of our people or our societal structure, or has no one stepped up to provide the leadership?” Mr. Peterson asked. “We’re not going to know that until we try.”