James Fallows says this is The Chart That Should Accompany All Discussions of the Debt Ceiling (via: JoeWo):
…from yesterday’s New York Times. Click for a more detailed view, though it’s pretty clear as is.
It’s based on data from the Congressional Budget Office and the Center on Budget and Policy Priorities. Its significance is not partisan (who’s “to blame” for the deficit) but intellectual. It demonstrates the utter incoherence of being very concerned about a structural federal deficit but ruling out of consideration the policy that was largest single contributor to that deficit, namely the Bush-era tax cuts. Continue reading…
By GOPLogic, it’s Obama’s fault for not fixing Bush’s screw ups quicker. Now the only question that remains is: what can the Republican Party cut so Bush’s tax cuts can be extended for the wealthiest one percent?
Here’s something else to keep in mind while gazing at this chart:
“In 2010, 93 percent of income growth went to the wealthiest 1 percent of American households, while everyone else divvied up the 7 percent that was left over.” — University of California economist Emmanuel Saez, The rich are different; they get richer