CBO Joins the Infographic Craze, Predicts Economic Doom in 2013

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

Big news today! The Congressional Budget Office has gotten into the infographic business. I’m pretty sure they’ve done this just as infographics are going out of fashion, but still. It’s a nice effort to maintain the attention of the internet generation.

Today’s infographic is about the infamous “fiscal cliff.” Basically, a whole bunch of stuff is set to expire on December 31st. The Bush tax cuts will go away, raising taxes by hundreds of billions of dollars. Big spending cuts agreed to as part of the debt ceiling standoff will take effect. The payroll tax holiday enacted during the 2010 lame duck session will expire. Unemployment benefits will get slashed. Medicare payment reductions will go into effect. And those are just the big ticket items.

So what effect would this have on the economy? Here’s a snippet from the infographic:

That’s pretty bad. If we extend everything, CBO figures economic growth will clock in at about 1.7% next year — not great, but not catastrophic either. But if everything expires, the country will fall back into recession, with the economy shrinking by 0.5%.

It’s vanishingly unlikely that Congress will even attempt to address this before the election. That means we’re due for yet another exciting lame duck session in December. I’ll bet you can hardly wait.

MOTHER JONES NEEDS YOUR HELP

Straight to the point: Donations have been concerningly slow for our hugely important First $500,000 fundraising campaign. We urgently need your help, and a lot of help, over the next few weeks so we can pay for the one-of-a-kind journalism you get from us.

Learn more in “Less Dreading, More Doing,” where we lay out this wild moment and how we can keep charging hard for you. And please help if you can: $5, $50, or $500—every gift from every person truly matters right now.

payment methods

MOTHER JONES NEEDS YOUR HELP

Straight to the point: Donations have been concerningly slow for our hugely important First $500,000 fundraising campaign. We urgently need your help, and a lot of help, over the next few weeks so we can pay for the one-of-a-kind journalism you get from us.

Learn more in “Less Dreading, More Doing,” where we lay out this wild moment and how we can keep charging hard for you. And please help if you can: $5, $50, or $500—every gift from every person truly matters right now.

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