Heritage Foundation President-Elect Jim DeMint says Americans shouldn’t be fooled by President Obama’s scare tactics on sequestration. Federal cuts won’t harm the U.S. economy, DeMint told Fox News’ Greta Van Susteren tonight. It’s the massive Obama tax hikes that are the greatest threat.
Most of the media is so sold out to Obama that they’re missing the obvious. The policies the President has in place, especially the tax increases that just got in, are going to hurt our economy, probably actually bring it down. The President is desperate to blame it on Republicans. He wants to blame it on a reduction in government spending. But the taxes are taking almost two-and-a-half times more out of the economy than this sequester will.
Heritage’s Romina Boccia reported earlier today on the size and scale of Obama’s tax hikes compared to the sequestration cuts: $149.7 billion in taxes vs. $85 billion in cuts.
DeMint emphasized a point that many in the media fail to grasp: Sequestration is merely slowing the growth of government.
Spending under the sequester continues to go up. Instead of $1.7 trillion in additional spending over the next 10 years, we’re going to spend an additional $1.6 trillion. Yet the President is making this look like it’s an apocalyptic situation because he wants to do what they’re doing in Europe, which is blame their economic woes on a reduction in government spending.
The chart below illustrates that point — sequestration will cut only 2.4 percent of spending over the next 10 years.