Fixing the Deficit By Doing Nothing

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

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.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate