We’ve all been told that the sequester is going to bring about the zombie apocalypse, but the idea that trimming $85 billion in spending from a bloated $3.8 trillion budget — and only half of those reductions will take effect the current fiscal year, meaning that the cuts are closer to 1% of the budget. To say that sort of a reduction in spending is going to have a substantial impact on the economy is laughable.
In a new video from Reason TV, Nick Gillespie gives us five facts about the sequester before it goes into effect on March 1st.
“Even with the sequester, the federal government is expected to spend more this year than it did last year,” Gillespie explains. “The largest chunk of cuts will come out of the defense budget, which has doubled over the past decade. The Pentagon will still have about $500 billion at its disposal, not counting war-related and emergency appropriations.”
And despite the recent talking points from the White House, Gillespie also notes that the “whole damn sequester was the Obama administration’s idea.”
“As the Washington Post’s Bob Woodward has reported, despite Obama’s denials to the contrary, ‘the automatic spending cuts were initiated by the White House’ as part of the deal to raise the debt limit back in August 2011,” notes Gillespie.
Check out full video: