First, Assume a Can Opener…..

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Matt Steinglass reviews a proposal from Simon Johnson and James Kwak to put our fiscal house in order:

First, introduce a value-added tax and lower the ceiling on the mortgage interest deduction from $1m to something more reasonable….Second, carbon pricing, either a carbon tax or cap-and-trade….Third, introduce a Financial Activities Tax, which could raise 0.5% to 1% of GDP.

….And finally—here’s the tough one—entitlement reform. As Messrs Johnson and Kwak say, Social Security needs to be tweaked a bit as it goes from 4.8% to 6.2% of GDP with the aging of the population. Medicare and Medicaid, on the other hand, need major reform to figure out how to stop paying for medical care that doesn’t make people healthier, while reducing costs on what we do buy. This is a book-length issue on its own and all we can do is note the necessity of doing it.

So, that last one seems like a doozy, but the other three look entirely reasonable. There’s no reason why a rational political system shouldn’t be able to tackle such reforms in a non-ideological and collaborative fashion. Nothing of that sort has happened in my lifetime, so far as I can remember, but there’s a first time for everything.

Hold on. I’m a big fat tax-and-spend liberal, but even I have a hard time swallowing this. Adding three big new taxes and slashing the home mortgage deduction is “eminently doable” but tackling Medicare reform is a “doozy”? Seems like there’s a pretty big thumb on the scale here.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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