House GOP's $61 Billion Spending Cuts in Perspective

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$61 billion sounds like a big spending cut, but we should put that number in perspective. Video produced by Caleb O. Brown. Music licensed (Creative Commons 3.0 Attribution) from Kevin MacLeod.

Source: http://www.cato-at-liberty.org/61-bil...

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  News & Politics

[Thorbie]

Not everyone who pays taxes or has a corporation is rich. It's not the government's money in the first place. It does not matter what private individuals do with their own money. Despite what you think taxes and government regulations do play a part in business decisions and tax hikes hurt the economy and job growth. Spending is the only problem when it comes to the debt. Freedom is the solution, not economic tyranny.

[George Nix]

Unfortunately the Keynesianists have the ear of the media and the public, so even that 61B cut is being demagogued to absurdity. They really think 700,000 private sector jobs would be lost if the government cut that 61B, and most of the media/public have lapped that up.

I am not excusing the republicans. Rather, I am stating the same kind of geniuses behind "the great depression of 1946" are making it very difficult politically.

Bring on the Keynesian divider. Sigh.

[MrConservative608]

Please go to the FoxNews/Google GOP Debate YouTube page and under the text questions for the "Govn't Spending & Budget" category VOTE UP any questions about ELIMINATING BASELINE BUDGETING!!!

Under the Baseline Budgeting accounting method, cuts are only scored as cuts in the rate of growth. This is exactly what this video is about.

[Sexisttroll]

search for the meaning of moral hazard it might help...

[Sexisttroll]

@worldnewsbbc1 false regulations caused that collapse in the first place, greenspan believed that the markets were efficient but he forgot the government was influencing the markets and he thought that influence was efficient the fdic (part of the famous glass steagall act) and the fed both secured bail outs for the financial industry assuming that telling them they wouldn't loose anything if they took risk that they would be responsible, which is ignorant on their part.

[jgehb]

Congress has had 184 days, dating back to last October, to get this taken care of ... but no, they had more important things to do, like force through the repeal of Don't Ask Don't Tell. So to this congress from the last quarter of 2010, the one controlled by all those pumping the "Hope and Change" speal, you have no one to blame but yourselves for the current situation where a shutdown is quite likely ... you blew it ... don't go blaming those who are now doing what you should have done.

[Sexxistentialist]

@Thorbie: Excellent point. Unfortunately, there are too many buffoons who want to dictate to us what we SHOULD do with our money. It's unfortunate that many of those who hold that perspective have never taken a single econ class. Cheers.

[Sexxistentialist]

LOL $61 Billion is chump change! It's like me cutting my personal budget for a bag of Doritos a year.

My Macro econ professor (back in college - prior to the upper div classes) was a stout Keynesian. I'm glad I did not pay much attention to that goat herder.

[George Nix]

@deficithawker Ah the typical Keynesianist argument of household spending picking up the slack. Except it didn't happen until 47' which is a full year after the massive growth of 46. What is idiotic(if not dishonest) is the assumption that consumption and not production is the most important facet of the economy.

What you call idiotic is supported by empirical evidence. One such study by Cohen, Coval, and Malloy from Harvard examined the direct affect on business by "stimulus" spending.

[crsfructso2]

Can someone please tell the federal government to stop giving benefits to those who did not pay a single dime into the system. Sick and tired of the blame game!!! Stop pandering to special interest groups...no matter WHO they are.