President Barack Obama is attempting the mitigate the sting of his astronomical spending spree during his first 100 days by lauding a forthcoming $100 million spending cut. Heritage budget expert Brian Riedl has some real ideas on how to save money and grow the economy, but in the meantime even liberal superstar Paul Krugman thinks this is chump change:
‘Pretty soon, even here in Washington, it adds up to real money,’ says the president.
Except, you know, really it doesn’t. Let’s say the administration finds $100 million in efficiencies every working day for the rest of the Obama administration’s first term. That’s still around $80 billion, or around 2% of one year’s federal spending.
OK, politics is theater. But you could argue that the president shouldn’t feed the bogus claim that we can close fiscal gaps by eliminating a bit of waste.