Don't Touch Obama's Stash

Harvard economist Jeffrey Sachs published an article in the Financial Times last week, titled "Obama has always planned to slash spending."  The claim sounds ridiculous, but in fact there's a kernel of truth in it.  Obama has proposed cutting both discretionary non-defense and defense spending, but these cuts are more than offset by rises in Social Security and Means-Tested Entitlements, which he shows no interest in reforming. According to Sachs: Each year [Obama] has put a budget on the table. Each year that budget has called for a sharp decline in discretionary spending as a share of gross domestic product in 2012 and later years. His rhetoric about increasing public investments in America's future has always been contrary to the budgets he has presented, though most of his supporters have been unaware of this contradiction. President Obama and his amanuenses in the media have been flogging this narrative at every available opportunity.  On, we...(Read Full Article)