Obama Troupe Performs Chicken Little: Sequester Edition
In case you haven’t noticed, the Obama Troupe is barnstorming the country, attempting to convince anyone who will watch that their performance is more than political theater. Will America’s economy actually collapse on Friday, March 1 if the sequester hits?
Playing the role of lap dog media, the critics don’t bother to even ask the question. They’re just enjoying the show. Of course, the show is just that: a show. And a poorly directed one at that.
The truth is that high debt threatens the economy, not budget cuts. The other truth is that the “$85 billion in cuts” you hear invoked so frequently is misleading. The Congressionafl Budget Office (CBO) points out that for the remainder of FY2013, projected outlays will be reduced by a mere $44 billion.
Let’s put that in perspective:
- Spending. Even after the sequester, the federal government would still spend $9.622 billion per day, just $241 million per day less than pre-sequester.
- Debt. Prior to the sequester, the federal government is borrowing nearly $26,800 per second. The sequester would reduce US borrowing by just $2,800 per second.
- Latte. For some family-style perspective, a 2.4% reduction in prospective spending is akin to asking the median American family to stop buying a $4 latte every workday at the neighborhood coffee shop.