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The Right Way to Cut Defense Spending

Marie150 Wrote: Jan 15, 2013 10:47 AM
Economics in One Lesson, Henry Hazlitt, 1946 ASSUME (as of course the apostles of spending always do) * I love that apostles of spending* that the politicians in power will spend money only in what would otherwise have been "depressed or deflationary periods", and will promptly pay the debt off in what would otherwise have been "boom or inflationary periods". This is fiction. Politicians have NEVER acted that way. Because of political pressures they never will act that way.
Republicans, and many Democrats, are upset by the prospect of so-called sequestration cuts to the nation's defense budget. Pentagon chief Leon Panetta is so alarmed that the day before the Senate took up what became the "fiscal cliff" agreement, he called a key Republican lawmaker, Sen. Lindsey Graham, to express deep concern that the cuts might go into effect. As it turned out, Congress put them off for two months.

Sequestration would force the government to reduce discretionary spending by about $1.2 trillion over the next decade. Roughly half of that, or $600 billion, would come from defense -- a...