Here’s a letter that I sent last night to U.S. News & World Report:
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?
Donald J. Boudreaux