04/22/2013 05:18 pm ET

More Immigrants In The U.S. Will Bring Down The Debt

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You probably missed it with the madness in Boston, but US budget worriers-in-chief Erskine Bowles and Alan Simpson released a new plan (pdf) to reduce US debt that they hope will be the foundation of a grand bargain in Congress.

It’s not just last week’s dramatic news that has drawn attention away from Simpson and Bowles, two influential former government officials who headed up a debt reduction commission in 2010, but the fact that their last three years of advocacy have actually served to make the debt problem somewhat less scary. In the graph of debt-to-GDP above, you can see the red line of debt doom—representing what would have happened had policy not changed since 2010—shift to the blue line of debt stabilization, the projected result of current policy. The two former officials would like to see the US move onto the green path they outline, toward more long-term debt reduction.

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