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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BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things they don’t like—which is most things that are true.

No one gets to tell Mother Jones what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

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