But spread over 10 years, this $1 trillion spending reduction is not a budget “cut” at all, merely a reduction in the rate of spending increases. Federal spending, even with the sequester, is projected to increase from $3.6 trillion this year to $6 trillion by 2023.
And consider just how paltry an $85 billion cut is in the context of a $3.6 trillion budget. It’s just 2.4 percent. That’s the equivalent of a family that earns $100,000 a year trying to figure out how to get by on $97,600. Sure, it’s a bit of a pinch but it’s not that big of a deal. Real families in the real world make such financial decisions all the time — without the level of weeping and wailing that’s coming from Washington.
Obama says he needs more tax revenue to ease the pain and those nasty Republicans won’t give him what he wants. They shouldn’t. The president got his revenue increases in the tax deal that took effect at the start of the year — $150 billion in income, payroll and Obamacare tax increases. That’s enough.
Obama has always said deficit reduction requires a “balanced approach.” We agree. American taxpayers already are providing the increased revenue. Now it’s time for the spending reductions.
It’s time for Washington’s political leaders to grow up and take their medicine.