Let Sequestration Happen
A first step in sobering up Washington.
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This column went up at PJ Media and was teased here at BizzyBlog on Friday.
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President Barack Obama clearly doesn’t like how the threat of sequestration, an idea he owns but now dishonestly wants to disown, is working out.
In a Tuesday speech, Obama went into campaign mode overdrive, claiming that, as summarized in a brilliant Tuesday evening Wall Street Journal editorial with an ever better title (“President Armageddon”): “If Republicans don’t raise taxes in return for more spending, the world will end.”
Despite a fiscal cliff deal which included $15 billion in spending “cuts” (really “reductions in projected spending”) and over $600 billion in tax increases, the President is still demanding more from “the wealthiest Americans and biggest corporations.” Despite the fact that his administration’s has spent 26 percent more during its first four years than the Bush 43 administration spent during its final four, Obama and Democratic leaders continue to insist that the federal government doesn’t have a spending problem. Despite running up $5.9 trillion in additional debt, much of it driven by congressional and executive actions during Obama’s first two years which have unfortunately never been reversed, Obama contemptuously refers to the “so-called debt ceiling.”
As to the inane argument that a roughly 1.2 percent reduction in projected spending ($44 billion, not $85 billion, compared to annual spending of about $3.6 trillion) will, all by itself, in Obama’s words, “hurt our economy … add hundreds of thousands of Americans to the unemployment rolls … (and) the unemployment rate might tick up again,” all of this is already happening — and House Speaker John Boehner’s current and hopefully future firm position on sequestration has nothing to do with it.
The economy is already in a “hurt” condition.
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