Just to be clear: $100 million represents .003 percent of $3.5 trillion.
To put those numbers in perspective, imagine that the head of a household with annual spending of $100,000 called everyone in the family together to deal with a $34,000 budget shortfall. How much would he or she announce that spending had be cut? By $3 over the course of the year–approximately the cost of one latte at Starbucks. The other $33,997? We can put that on the family credit card and worry about it next year.
After working with Nancy Pelosi and Harry Reid to ram through the trillion dollar spending and debt package under the guise of economic "stimulus" without giving Members of Congress or the public appropriate time to review the bill,
… and after signing into law a bloated $410 billion omnibus appropriations bill which was riddled with thousands of earmarks,
… and after proposing an irresponsible and unsutainable budget that would take federal spending as a percentage of GDP to levels that are significantly higher than the average of the last 40 years,
… and after breaking several election promises within just a matter of weeks (some of them tallied here)
the President now tells us he will cut wasteful spending – by $100 million.
First the President wanted nobody watching him spend trillions of dollars – now he wants everyone watching him cut a tiny fraction.
The British have an old saying: Penny-Wise, Pound-Foolish. This is taking this saying to new levels – not Pound-Foolish, but trillion dollar foolish.
P.S. The Heritage Foundation has a great visualization*of this ridiculousness:
And Greg Mankiw, economics professor at Harvard, puts things in perspective by comparing Obama’s spending cut figure to the budget he just proposed:
It could be funny if it wasn’t so insulting to taxpayers.
H/T Heritage Foundation Blog "The Foundry"
*Note that since $214.6 billion of the "stimulus" package are tax cuts, the actual spending figure for the "stimulus" package is $572.4 billion, not $787 billion. We felt, however, that the graphic was very powerful for demonstration purposes.