Obama's Mythical Spending Cuts

President Obama has engaged in a two-pronged attack during the recent budget battles -- which, given the failure of sequester negotiations, will continue with our next budget crisis on March 27th when the Continuing Resolution funding the federal government expires. On the one hand the president uses scare tactics to make the point that cutting any government spending will cause pain. On the other hand, he praises himself for his enormous ongoing deficit-cutting efforts. We read about this latter strategy on a recent post at whitehouse.gov: The President has already reduced the deficit by over $2.5 trillion, cutting spending by over $1.4 trillion, bringing domestic discretionary spending to its lowest level as a share of the economy since the Eisenhower era. As a result of these savings, together with a strengthening economy, the deficit is coming down at the fastest pace of anytime in American history other than the demobilization from World War II. The $1.4 trillion in spending...(Read Full Article)