Washington, D.C. hasn't gotten the grand bargain that poobahs (wrongly) think America needs. But a very useful analysis from Michael Linden and Michael Ettlinger shows how much deficit reduction has already been enacted in a series of smaller deals.
It's quite a bit of deficit reduction, about $2.4 trillion worth, and just a hair over a quarter of it via higher taxes with the rest coming from lower spending. It would be great to do more if people have more examples of genuinely wasteful spending or of revenue ideas like a carbon tax or slightly higher alcohol taxes that have other social benefits. But don't let anyone convince you that nothing's being done. The economic recovery is reducing the deficit, and measures already enacted are bringing further deficit reductions.
TODAY IN SLATE
Here’s Where We Stand With Ebola
Even experienced international disaster responders are shocked at how bad it’s gotten.
It’s Legal for Obama to Bomb Syria Because He Says It Is
I Stand With Emma Watson on Women’s Rights
Even though I know I’m going to get flak for it.
It Is Very Stupid to Compare Hope Solo to Ray Rice
In Defense of HR
Startups and small businesses shouldn’t skip over a human resources department.