It’s Budget Day!

For indispensable reporting on the coronavirus crisis, the election, and more, subscribe to the Mother Jones Daily newsletter.


Today is budget day, so we’re going to be hearing a lot about the budget deficit. Probably from me, too. But here’s really all you need to know:

80% of the federal budget goes to Social Security, Medicare, Medicaid, the Pentagon, and interest on the national debt. So where are we trying to find cuts? The other 20%, naturally.

This is doomed to failure, and everyone knows it. But we’ll continue with the kabuki show anyway.

Also this: if we simply let the Bush tax cuts expire in 2012 — all of them — and went back to the Clinton tax rates of the 90s, our medium-term deficit problem would be reduced to 3% of GDP in a stroke. That’s pretty manageable. And we could do it, too: it’s not as if the 90s were a hellscape of jackbooted IRS thugs confiscating all your money and driving the economy into the ditch, after all.

Beyond that, we should do something sensible about reining in the growth of Social Security and Medicare.

In other words, the things we should do are precisely the things that are completely off the table. This is called “listening to the will of the people.” Welcome to America.

UPDATE: Letting the Bush tax cuts expire would reduce the deficit substantially, but not make it “nearly vanish.” I’ve corrected the text to make it more accurate.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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