Spending: With Sequestration and Without Sequestration
March 2nd, 2013HC asks:
“I was curious why you’re not covering the whole sequestration flap that’s saturating the media right now.”
The reason why I haven’t been is because it’s a trivial event, either way. Soviet America is so far gone, so dependent on insane state expenditures, that the propaganda outlets lose their mind at the prospect of any budget cuts at all.
Here: Look upon this reduced spending and tell me if this looks like a bid deal to you. (Chart at link.)
The ship of fools sails on.
I’m not saying that this won’t impact some individuals who will stop receiving government paychecks, but in terms of the big picture, mainly, that the U.S. is broke, it’s trivial.
Via: Bloomberg:
Automatic spending cuts that are scheduled to begin today will have a “very small” impact on the U.S. economy, according to John Taylor, an economics professor at Stanford University in California.
The CHART OF THE DAY shows the difference in federal spending with and without the reductions, known as sequestration, will be $42 billion in the fiscal year ending in September 2013, or 0.26 percent of gross domestic product, according to data provided by Taylor, who was Treasury Under Secretary for International Affairs from 2001 to 2005 under President George W. Bush.
Related: Mayor Bloomberg On National Debt: ‘People Do Seem Willing To Lend Us An Infinite Amount Of Money’
