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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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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