Repeat After Me: The Deficit Is Falling. The Deficit is Falling.


Dave Weigel notes a conundrum today: according to a new poll, 54 percent of the public disapproves of Barack Obama’s handling of the deficit. And yet, as the chart on the right shows, the deficit is shrinking dramatically. Last year it dropped by $200 billion, and this year, thanks to a recovering economy, lower spending from the sequester, and the increased taxes in the fiscal cliff deal, it’s projected to fall another $450 billion.

Weigel notes that this has deprived conservative yakkers of one of their favorite applause lines: “You don’t hear Republicans lulz-ing at Obama for failing to ‘cut the deficit in half in my first four years,’ because he basically did this, albeit in four and a half.” That’s true. It’s also true that contrary to Republican orthodoxy, it turns out that raising taxes on the rich does bring in higher revenues and therefore reduces the deficit.

Bottom line: It’s unfortunate that the deficit is falling so fast. It’s a headwind against the recovery that we don’t need. Nonetheless, the deficit is falling fast, and no one seems to know it yet. The chart above is one that deserves much wider distribution. Be sure to show it to your conservative friends at every opportunity.

THE TRUTH...

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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