As Greg Mankiw points out, Obama looking to cut 100 million dollars from the budget is, well, pretty pointless. It's like a family making $100,000 a year digging deep to cut their spending by, da dum ... $3.
In order to feel like a significant cut (say, $1000 from that family budget, and even that is fairly small) we'd have to cut 30 billion dollars. Which is 300 times as much cutting.
Monday, April 20, 2009
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