IBD put the debt deal’s spending cuts in perspective …
“In the short term, the reported “deep,” “sharp,” “slashing” cuts will still leave the federal government spending roughly 4% more in 2012 than it did in 2010, and 20% more than it did in 2008.
The deal’s $2.4 trillion in 10-year cuts amounts to a mere 5% trim off total projected federal spending during that time.
It’s like a 400-pound man boasting that he plans to drop 20 pounds over a decade, while his doctors warn about the risks of losing weight so fast.
Even calling these “cuts” is a bit of a stretch, since spending will continue to increase, just at a slightly slower pace.”
Ken’s Take: Back-loaded, illusory cuts … strictly funny money.
Only upside: wild spending may have reached America’s consciousness.
We’ll see.
The Homa Files 
Leave a comment