Spending cuts not really cuts
Washington pundits pontificate about Americans’ frustration over the contentious debt ceiling debate, but I would suggest that for many, the frustration is with many politicians’ refusal to deal with reality as we know it.
Example: the spending cuts are, of course, not real spending cuts; rather, they’re proposed cuts in the future growth of the federal budget deficit.
It’s akin to a family which overspends its income by $10,000 a year, running up a debt of $100,000 over 10 years. To deal with their impending bankruptcy, they determine that over the next 10 years, they’ll reduce their overspending to a mere $9,000 a year.
Of course, after 20 years, they’re $190,000 in debt. To this “solution,” most of us would say something like, “Huh?”