Here's a letter that I sent last night to U.S. News & World Report:
Obama today "challenged" his cabinet to "cut the budget by $100
million" ("Obama to Cabinet: Cut $100 Million from Budget," April 20).
What courage. A President who proclaims the importance of making "hard
choices" calls upon his government to trim away a whopping one
thirty-six-thousandth of its projected expenditures for the year – or,
alternatively reckoned, one twelve-thousandth of its projected budget
deficit.
To put this budget "cut" in perspective, suppose that
the typical American family, earning $50,000 annually, plans this year
to run a budget deficit proportionate to the deficit that Uncle Sam
will run. Such a family would plan to spend $75,000. Now suppose that
this family, seeking to signal its faux-commitment to financial
prudence, promises spending cuts equal, in proportion to its budget, to
the cuts announced today by Mr. Obama.
This family would declare
- surely with much fanfare – that it will reduce its planned
expenditures for the year by $2.08! Perhaps it might promise to survive the year
with one less gallon of gasoline or with one less cup of coffee.
Who would take such a gesture to be anything other than audaciously insulting sarcasm by the chronically irresponsible?
Sincerely,
Donald J. Boudreaux
Update: I like this breakdown to the minute by BloodyMaryBreakfast.



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