There Will Be No Spending Cuts! Even with Sequestration, Spending Will Go Up 16%
Oh, come on, man, it’s not because the super committee didn’t do anything. It’s not why the stock market’s down about 300 points. Everybody knew the super committee wasn’t gonna do anything. And, by the way, there are no spending cuts. Even with sequestration, there are no spending cuts. It’s just reductions in the rate of growth. It’s the same old thing. Spending is still gonna go up. It’s just like everything else with the US budget, it’s said to be a cut because it’s not going up as much. But defense spending with sequestration will still go up 16%. There’s no spending cuts here, zilch, zero, nada.
But anyway, folks, the market’s not down because the super committee is gonna admit failure. Everybody knew this was gonna happen. Nobody expected the super committee to come up with — (interruption) are you still confused? It will not be hollowed out. There will be no spending cuts. There are no spending cuts in sequestration or anything else. You know how the current services baseline budget works. The current services baseline budget projects an increase of let’s say 23%, just to pick a number, okay? (interruption) Well, it is, it’s the same thing every year. When’s the last time the budget went down in anything? It doesn’t happen. Ask yourself, of course everybody bought it. It’s simple, when you’re beat over the head with it for two weeks about all these drastic, Draconian cuts.