Federal Deficit Rises to 4.6% of GDP in FY2020

The news is full today with scary stories about the federal deficit approaching a trillion dollars this year. And that’s true. But as you know, money comparisons should always be presented with inflation accounted for. In this case, the equivalent method is calculating the deficit as a percentage of GDP. Here it is:

That doesn’t look quite so bad, does it? Now, it’s true that Donald Trump said it would be a piece of cake to get rid of the deficit and he hasn’t done it. It’s also true that you don’t really want to see the deficit getting bigger during an economic expansion. So this is not a great result.

Still and all, it’s not catastrophic either. Which just goes to show: adjusting for inflation is a bipartisan tool. Sometimes it makes your side look better, sometimes it makes the other side look better. Either way, it’s almost always the right way to look at things.

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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.

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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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