Too often we hear politicians boasting about "cutting" spending and how they are "reducing" the federal deficit. During the recent sequestration debate, the vast majority of the media, Congress and President Obama all referred to the sequester as "cuts."
The following chart illustrates why it is ridiculous to act as if smaller future increases in projected spending amount to realized spending cuts. The chart shows the Congressional Budget Office’s August 2001 baseline estimate of defense spending from 2002 to 2011 versus the actual outlays
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