Charts of the Day: Time to Hit the Fiscal Reset

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You’ve seen versions of these charts before, but Michael Linden of CAP has now updated them. They send a pretty clear message: Over the past two years, the federal deficit has been slashed by about $2.5 trillion, mostly via spending cuts. As a result, our medium-term deficit picture has brightened considerably.

And now? It’s time to stop. The economy is still fragile, austerity has failed utterly in Europe, and we don’t need any more of it here. For now, at least, a deficit of around 3 percent of GDP is, if anything, too low. It’s time to hit the reset button. The full report is here.

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FOLLOW THE MONEY

Corporations and billionaires don’t fund journalism like ours that exists to shake things up. Instead, support from readers allows Mother Jones to call it like it is without fear, favor, or false equivalence.

And right now, a longtime friend of Mother Jones has pledged an incredibly generous gift to inspire—and double—giving from online readers. That's huge! Because you can see that our fall fundraising drive is well behind the $325,000 we need to raise. So if you agree that in-depth, fiercely independent journalism matters right now, please support our work and help us raise the money it takes to keep Mother Jones charging hard. Your gift, and all online donations up $94,000 total, will be matched and go twice as far—but only until the November 9 deadline.

$400,000 to go: Please help us pick up the pace!

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