Chart of the Day: Cutting the Deficit

Ah, the American public. God love ’em. The Economist asked if they’d rather tackle the federal deficit by cutting spending or raising taxes, and the runaway winner was cutting spending, by a margin of 62% to 5%. So what are we willing to cut? Answer: pretty much nothing.

As you can see, there wasn’t one single area that even a third of the country wanted to cut back on. Except — hold on there! Down in the middle of the table. There is one area that everyone’s willing to trim: foreign aid. Good ‘ol foreign aid. A category that, as Roger McShane dryly points out, “makes up less than 1% of America’s total spending.”

Beyond that, there were only four areas that even a quarter of the population was willing to cut: mass transit, agriculture, housing, and the environment. At a rough guess, these areas account for about 3% of the federal budget. You could slash their budgets by a third and still barely make a dent in federal spending.

I suppose one of these days everyone’s going to have to figure this out. Apparently no time soon, though.

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It's unlike anything we've done, and we have seed funding to get started, but we're looking to raise $500,000 from readers by July when we'll be making key budgeting decisions—and the more resources we have by then, the deeper we can dig. If our plan sounds good to you, please help kickstart it with a tax-deductible donation today.

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Signed by Clara Jeffery

Clara Jeffery, Editor-in-Chief

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