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11 Apr, 11 > 17 Apr, 11
4 Apr, 11 > 10 Apr, 11
28 Mar, 11 > 3 Apr, 11
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14 Mar, 11 > 20 Mar, 11
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28 Feb, 11 > 6 Mar, 11
21 Feb, 11 > 27 Feb, 11
14 Feb, 11 > 20 Feb, 11
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17 Jan, 11 > 23 Jan, 11
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18 Jan, 10 > 24 Jan, 10
11 Jan, 10 > 17 Jan, 10
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28 Dec, 09 > 3 Jan, 10
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13 Apr, 09 > 19 Apr, 09
6 Apr, 09 > 12 Apr, 09
23 Mar, 09 > 29 Mar, 09
16 Mar, 09 > 22 Mar, 09
9 Mar, 09 > 15 Mar, 09
2 Mar, 09 > 8 Mar, 09
23 Feb, 09 > 1 Mar, 09
16 Feb, 09 > 22 Feb, 09
9 Feb, 09 > 15 Feb, 09
2 Feb, 09 > 8 Feb, 09
26 Jan, 09 > 1 Feb, 09
19 Jan, 09 > 25 Jan, 09
12 Jan, 09 > 18 Jan, 09
5 Jan, 09 > 11 Jan, 09
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Leftovers
Friday, 1 March 2013
Welcome to the Obama Sequester
Topic: Economics
Hope you're able to read this, what with the predicted apocalypse goin' on and all. Here's a round up money graph: Here are three questions for folks wetting their pants about the sequester: 1. Under what sort of math do you figure that cutting $44 billion or $85 billion from a total tab of $3.6 trillion is anything more than a rounding error? Half of the cuts are slated for defense spending, which has grown massively over the past decade-plus. Do you really think that the military can't cope?  2. Do you really believe that the sequester cuts will tank a $16 trillion economy? And if so, what's the multiplier on that? GDP is counted in such a way that most government spending automatically gets counted as increasing the amount of economic activity (the same doesn't hold for private spending, where different conditions hold). Do you at least agree in theory that government spending has been cut in the past without ruining the economy (and if you don't, why not)?
3. When will conditions be right to actually cut spending? There's a raft of anti-sequester people - such as Barack Obama - who pay lip service to the idea that government spending (especially government deficit spending) needs to stop or be reduced at some point in the future. But like St. Augustine in his partying period, they don't want to get straight just yet. So when might that be? If we can't afford to cut a tiny fraction of current spending now - after a year-plus of knowing this was coming and a major punting on the original deadline - when might we? money graph: Agriculture Secretary Tom Vilsack: A nationwide shutdown of meat and poultry plants. Deputy Commerce Secretary Rebecca Blank: The Department's International Trade Administration (ITA) would be forced, under sequestration, to reduce its support for America's exporters, trimming assistance to U.S. businesses looking to increase their exports and expand operations into foreign markets by nearly $15 million.  Defense Secretary Vice Chair Richard Selby:
The Air Force will be forced to cut flying hours and Weapon system maintenance. Most Air Force flying units (especially later deploying units) Will be below acceptable readiness standards by the end of FY 2013. [...] If these unfortunate events occur, We will have to take more drastic and irreversible actions. Education Secretary Arne Duncan: The sequester would also likely require the Department to furlough many of its own employees for multiple days. This would significantly harm the Department's ability to prevent fraud, Waste, and abuse in these very large, complex student financial assistance programs. Furloughing employees would also hurt all the Department's other activities, including making grant awards on a timely basis. Energy Secretary Steven Chu: The Department of Energy works across energy sectors to reduce the cost and speed the adoption of clean energy technologies. These efforts range from cost-competitive high-efficiency solar installations to carbon capture and storage to next generation biofuels and high-efficiency vehicle technologies. Under sequestration, funding reductions would decelerate the Nation's transition into a clean energy economy, and could weaken efforts to become more energy independent and energy secure, while spurring overall economic growth.  Small Business Administration Administrator Karen Mills:
SBA's nationwide counseling network of 68 district offices, nearly 900 Small Business Development Centers (SBDCs), 110 Women's Business Centers (WBCs) and 350 chapters of SCORE, would all lose significant funding due to sequestration. So very much more at the link; please go spelunking for favorites & leave 'em in the comments! Saved my two faves for last: White House Report Claims Sequestration Will Affect Federal Department That No Longer Exists and a Leftovers favorite: (note: according to the BLS there are only about 113m jobs in existance)
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