The spending cuts in the budget deal are a pitiful joke
A trillion dollars sounds like a lot of money, doesn't it? Well when it's (A) over 10 years and (B) from a spending level that is around 3.8 trillion for the current year, it's ez to see that a trillion dollars of cuts is a joke. Pro-rated, that's $100,000,000,000 cut each year from a level of $4,800,000,000,000. Which is 2% and change. Which is pitiful.
Plus, the cuts aren't cuts. Here's Ezra Klein on Harry Reid's cuts:
Reid’s plan includes $100 billion in savings from so-called “mandatory spending” like Fannie Mae and agricultural subsidies, $1 trillion in savings from winding down the wars, and $400 billion in reduced interest payments from cutting more than $200 billion in spending.
So a mere $10,000,000 per year of actual spending cuts while the rest comes from "winding down the wars" and reduced interest payments from winding down the wars.
Sweet baby Jeebus!
Ain't that just like a boss to totally fudge the numbers and con the shareholders?
Mungowitz is right. This is pro wrestling.