Chart of the Week: Sequestration Cuts 2.4 Percent out of Total Spending
Federal spending will explode from $3.6 trillion to $6 trillion over the next 10 years, but the much-maligned sequester will cut only 2.4 percent of this spending.
Sequestration represents a relatively small cut in projected spending. So why are so many in Washington wringing their hands over a two-and-a-half percent reduction?
Because sequestration leaves the largest component of federal spending—entitlements—nearly untouched. Instead, it falls most heavily on national defense, with 50 percent of sequestration cuts impacting national security. Thirty-five percent would impact non-defense discretionary spending. Less than 15 percent would fall on mandatory spending, which consumes 62 percent of the federal budget.
Not one of these cuts will address the dominant underlying cause of growth in government spending: entitlements.