Tags: automatic | spending | cuts | date

WSJ: Sequester Hysteria Is 'Baseless'

Thursday, 07 Feb 2013 12:53 PM

By Dan Weil

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Democrats are wailing about the impact of the automatic spending cuts set to begin March 1,  but according to a Wall Street Journal editorial, the reductions aren't very large.

The editorial mocked President Barack Obama's complaint about the so-called sequester.
He warned Tuesday that it's already affecting business decisions.

"It's nice to see Mr. Obama worry about business decisions for a change, but listening to his cries of 'massive' cuts is like watching 'Scary Movie' for the 10th time. You know it's a joke," Journal editors write.

The sequester would cut only an estimated $42.5 billion from domestic spending this fiscal year. Democrats are crying about potential cutbacks in their favorite programs. But, "fear not," the editorial states.

"As always in Washington when there is talk of cutting spending, most of the hysteria is baseless. . . . Programs are hardly starved for money. In Mr. Obama's first two years, domestic discretionary spending soared by 84 percent."

Meanwhile, the White House inaccurately claims the sequester will hurt the economy, Journal editors state. "Reality check: the cuts amount to about 0.5 percent of GDP," they write.

"The theory that any and all government spending is 'stimulus' has been put to the test over the last five years, and the result has been the weakest recovery in 75 years and trillion-dollar annual deficits."

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