Itemizing Obama’s Savings

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So how much does President Obama’s deficit reduction plan save? For some reason he’s chosen a 12-year timeframe, and here’s how things add up:

  • Domestic discretionary: $770 billion
  • Defense: $400 billion
  • Healthcare: $480 billion
  • Mandatory spending: $360 billion
  • Tax expenditures: $300 billion?
  • Bush tax cuts for the wealthy: $820 billion. (Note: this is based on estimated savings of $690 billion over 10 years.)
  • Lower interest costs: $1 trillion

Obama claims this adds up to “three dollars of spending cuts and interest savings for every one dollar from tax reform,” but that’s an odd way of looking at things. Who cares where the interest savings come from? (And that $1 trillion number looks dodgy anyway.) This is basically a 2:1 ratio of spending cuts to tax increases.

Which is unfortunate. It might be politically wise, but it probably ought to be more like 2:1 in the other direction. Eventually it will be once everyone wakes up and realizes we don’t have any other choices left, but it’s going to take a while and Obama apparently isn’t going to be the guy to push us in that direction.

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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.

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