The NYT is on the sequester rampage this morning:
Here's an unsigned editorial:
Democrats and Republicans remain at odds on how to avoid a round of budget cuts so deep and arbitrary that to allow them now could push the economy back into recession. The cuts, known as a sequester, will kick in March 1 unless Republicans agree to President Obama’s demand to a legislative package that combines spending reductions and tax increases.
And here's the inevitable Krugman chiming in with his bosses:
the “sequester,” one of the worst policy ideas in our nation’s history...
a fiscal doomsday machine that would inflict gratuitous damage on the nation.
People, the sequester only lowers spending relative to baseline growth.
That is to say, it doesn't actually cut spending in the sense a regular normal person would view it.
Over the full 10 years of "deep" cuts, after the "doomsday machine" ravages us, Federal spending will be higher than it is now.
I am not making this up!
Federal spending is over 3 trillion dollars. We are talking about cutting 85 billion from its growth.
That's like a pimple on your pimple.
Calling this "one of the worst policy ideas in our nation's history" is just amazing hackery.
Slavery was one of our nation's policies.
Interning Japanese Americans with no cause in WWII was one of our nation's policies.
The war on drugs is one of our nation's policies.
Extra-legal drone killings of Americans (and non-americans) is one of our nation's policies.
I'd say that the sequester is actually an above average policy for our nation.
If we can't cut 85 billion from our planned spending growth four years after the recession ended, we are pretty much doomed.