Fixing the Deficit By Doing Nothing

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Via Ezra Klein, here’s an interesting chart. CRFB’s Marc Goldwein shows us graphically the difference between the CBO’s “Extended Baseline Scenario” — which assumes current law just goes on forever — and its “Alternative Fiscal Scenario,” which is supposed to be a somewhat more realistic look at what Congress is likely to do in the future. Under the AFS, the budget deficit soars to 360% of GDP by 2050. But under the EBS (the bluish chunk at the bottom, modified to assume our wars end eventually) the deficit stays placidly under control forever:

Now, no one actually thinks that the EBS is realistic. Still, this is a fairly dramatic (and colorful!) way of making a point: if Congress just disbanded and let existing law continue forever, there would be no deficit problem. More realistically, if Congress let the bulk of current law continue (i.e., the Bush tax cuts expire on schedule, PPACA cost controls are allowed to take effect, etc.), drew down the wars in Iraq and Afghanistan, and simply agreed to pay for any changes that just have to be made (doc fixes, AMT patches, etc.), there would be no deficit problem. This is not quite as intractable a problem as Republicans would have us think. It’s only intractable if you refuse to pay for your spending.

There are more details on all this stuff at the link. It’s worth a quick read.

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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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