Concerning the fact that the Republicans can’t come up with a plan to address the deficit, Congressional Progressive Caucus co-chair Rep. Raul Grijalva (D-AZ) sent this email to President Obama:

“Dear Mr. President,

“The Progressive Caucus has introduced the only budget that creates a surplus by 2021 because we take seriously the need for a strong economy and manageable debt. Our budget eliminates the deficit in 10 years and creates jobs while protecting the programs our constituents rely on. We stand ready to work with you, as we have throughout this process, to solve the budget impasse in a way that helps rather than punishes the American people. With the House under tea party control and the Senate held hostage by Mitch McConnell, it is up to you to fly the standard of the people who elected you. We feel our budget achieves your policy goals, and we look forward to producing a successful outcome for our economy and our constituents at home.”

More people need to read this budget proposal and more journalists should be talking about it.  When you comment on economic articles on-line, bring it up.  This is one of those places where citizens could be leading and shift the conversation if they would only take a few minutes to act.  Sadly, time is running out for this to have an impact.  But I still keep brining it up and will continue doing so until the deal is done.   Hope others will as well.


(via reagan-was-a-horrible-president)


Indeed, the revenue loss just from extending the tax cuts for people making over $250,000 — the top 2 percent of Americans — would itself be almost as large as the Social Security shortfall over the 75-year period. Members of Congress cannot simultaneously claim that the tax cuts are affordable while the Social Security shortfall constitutes a dire fiscal threat.”

This is what happens when you aren’t required to pay for a tax cut up front — you can’t lump it in with “cut spending.”

inforgraphics goooooooooooo!

(via reagan-was-a-horrible-president)

The People’s Budget

  • Deficit reduction of $5.6 trillion
  • Primary spending cuts of $869 billion
  • Net interest savings of $856 billion
  • Total spending cuts of $1.7 trillion
  • Revenue increase of $3.9 trillion
  • Public investment of $1.7 trillion
  • Budget surplus of $30.7 billion in 2021, debt at 64.1% of GDP.

Support for the People’s Budget

Paul Krugman

“genuinely courageous”

“achieves this without dismantling the legacy of the New Deal”

Dean Baker

"if you want a serious effort to balance the budget, here it is."

Jeffrey Sachs

“A bolt of hope…humane, responsible, and most of all sensible”

The Economist


“Mr Ryan’s plan adds (by its own claims) $6 trillion to the national debt over the next decade, but promises to balance the budget by sometime in the 2030s by cutting programmes for the poor and the elderly. The Progressive Caucus’s plan would (by its own claims) balance the budget by 2021 by cutting defence spending and raising taxes, mainly on rich people.”

The New Republic

“In passing, Miller also draws attention something that’s gotten far too little attention in this debate. The most fiscally responsible plan seems to be neither the Republicans’ nor the president’s. It’s theCongressional Progressive Caucus plan…”

The Washington Post

"It’s much more courageous to propose taxes on the rich and powerful than spending cuts on the poor and disabled."

Rachel Maddow

“Balances the budget 20 years earlier than Paul Ryan even tries to”

The Guardian

“the most fiscally responsible in town… would balance the books by 2021“

The Nation

the strongest rebuke…to the unconscionable ‘Ryan Budget’ for FY 2012.”

Center for American Progress

once again put[s] requiring more sacrifice from the luckiest among us back on the table”

Economic Policy Institute

National budget policy should adequately fund up-front job creation, invest in long-term economic growth, reform the tax code, and put the debt on a sustainable path while protecting the economic security of low-income Americans and growing the middle class. The proposal by the Congressional Progressive caucus achieves all of these goals.”

to my mind, CPC’s “The People’s Budget” is the most interesting thing being discussed in fiscal politics these days.

also, Dean Baker has been the single most important Economist / Commentator in America for the last 5 years and continues his righteous reign to the present moment. meeting him last year was definitely a high point of my professional life.