Raw Data: The Deficit is Shri-i-i-i-nking

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Over at Calculated Risk, Bill McBride quotes a Goldman Sachs analyst about the rapidly shrinking federal deficit—down from 10.1 percent to 5.7 percent last year, and then down again to 4.5 percent following the fiscal cliff deal—and notes that this hasn’t gotten much attention:

It shocks people when I tell them the deficit as a percent of GDP is already close to being cut in half (this doesn’t seem to ever make headlines). As Hatzius notes, the deficit is currently running under half the peak of the fiscal 2009 budget and will probably decline further over the next few years with no additional policy changes.

It’s true that this doesn’t get much attention. So how about a simple chart instead? This isn’t from a Goldman Sachs report that only a select few have access to, it’s from the most recent CBO budget outlook. Anyone who cares just needs to click the link to see it. Pass this along to your friends when they ask you about the monstrous federal deficit and how we’re bankrupting our children.

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This is a big one for us. So, as we ask you to consider supporting our team's journalism, we thought we'd slow down and check in about where Mother Jones is and where we're going after the chaotic last several years. This comparatively slow moment is also an urgent one for Mother Jones: You can read more in "Slow News Is Good News," and if you're able to, please support our team's hard-hitting journalism and help us reach our big $350,000 goal with a donation today.

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