We’re Almost Done With Deficit Reduction!

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The Center on Budget and Policy Priorities has taken a look at projected future deficits and concludes that we need an additional $1.4 trillion in savings in order to stabilize the debt/GDP ratio at 73 percent by 2022. The chart on the right tells the story.

What’s really so striking about this is what they say after diving a little further into the numbers. If we split this equally between spending cuts and tax increases, we need about $600 billion of each. (The rest comes from interest savings.) That’s $60 billion per year. Or, if we did things rationally, it would come to zero dollars this year, increasing to perhaps $100 billion in 2022. For all the hue and cry from both sides, this is really not a huge amount of money. And if we did it, it would amount to total deficit reduction of nearly $4 trillion over the past couple of years.

This isn’t necessarily what I’d do if I were your benevolent overlord. But it’s hardly the end of the world as a baseline plan for now. After all, we can always change it in a few years if we don’t like how things are turning out.

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REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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