We’re 60 Percent of the Way to Simpson-Bowles!

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


UPDATE: Sorry, I screwed up here. I didn’t account properly for the total ten-year effect of Simpson-Bowles, and I didn’t adjust for different baselines. When you do this, SB produces $6.3 trillion in deficit reduction. We’re about 60 percent of the way there, not 90 percent. More here.


This is just a quick arithmetic reminder. If the sequester goes into effect, here’s how we’ve done on deficit reduction over the past few years:

  • 2010 continuing resolutions: $450 billion
  • FY2011 budget: $200 billion
  • Budget Control Act: $960 billion
  • Fiscal cliff deal: $840 billion
  • Sequester: $1.2 trillion
  • Total: $3.6 trillion

The original Simpson-Bowles plan, which is Washington’s holy grail, called for $4.1 trillion in deficit reduction. All calculations include debt service savings, so this is an apples-to-apples comparison.

If you want to move the goalposts, feel free. But facts are facts: by this time next week we will have achieved very nearly the total amount of deficit reduction that everyone was gaga about a mere two years ago—more than 80 percent of it from spending cuts. It’s truly unfortunate that we’ve been so fixated on this, since we would have been much better off investing for the future and leaving deficit reduction for later, but that’s water under the bridge. Love it or hate it, over the past 27 months we’ve accomplished nearly 90 percent of the deficit reduction everyone wanted.

So we’re all happy about this, right? Right?

Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

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