Uploaded by catoinstitutevideo on Apr 14, 2011
President Obama and Congress have agreed to cut $38 billion in federal spending, right? If you go by so-called "budget authority," that may be true. But real spending cuts come when you actually cut real spending, not "budget authority." Outlays in fiscal year 2011 will likely be considerably higher than last year's outlays. That means the spending cuts advertised by President Obama and House Speaker John Boehner are laughably fraudulent. Video produced by Caleb O. Brown and Austin Bragg.
Sources:
http://www.cato-at-liberty.org/budget-agreement-overall-spending-increases/
http://cbo.gov/doc.cfm?index=12103
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Top Comments
All Comments (104)
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You can tell Boner doesn't believe what he is saying when he says it.
LIAR!!
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Boehner and his GOP buddies are complicit in a coverup of Obama/Soetoro's social security fraud. They have seen the evidence and piss on the constitution.
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Don't think so....
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Commerce department released Q1 2011 data today. Federal spending decreased at an annual rate of -7.9% and state and local spending decreased at an annual rate of -3.3%. Both worked together to slow real GDP growth by -1.09% annualized rate. If you visit Table 1.1.2. Contributions to Percent Change in Real Gross Domestic Product you can see that cutting govt spending was the primary factor slowing growth in Q1 2011. Keynes right, Cato wrong but you already knew that.
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Attach a complete repeal of Obamacare to the debt ceiling...
GIVE THEM NO WAY OUT...
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@worldnewsbbc1 To use the honest metric, a paper by Brooks Pierce in 1999 found compensation inequality growth was greater than income inequality growth. That is a nice talking point for you lefties, free of charge.
I would be surprised if CATO argued about inequality(wage/benefit or otherwise). Libertarians usually don't care about a person's relative position compared to their absolute. We do not begrudge a person doing well mostly because economics is not zero sum.
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@UBSCARED CPI has nothing to do with wages, as it is the metric used to calculate real dollars. All costs, like wages or insurance, can be measured in real dollars.
Your main contention is, the "value" of health care for each real $ is less. An irrelevant unprovable argument. A company will try to form the most "valuable" compensation it can given an amount of $. That real $ has increased since 1980.
Unfortunately, "nothing" seems quite adequate compared to your knowledge.
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@UBSCARED Cato uses the CPI to deflate the value of benefits to support their claim that income inequality has not grown since 1980. It's the same game Cato plays with taxes when they argue that tax cuts increase revenue. They take advantage of financially illiterate people. Cato is nothing more than a marketing firm for Republican economic policy. They are funded by the Koch Bros to perform stealth PR. Anyone who receives benefits has watched them deteriorate or disappear the past 30 years.
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@Ragnarokgn Arguing that the court's interpretation of ERISA is irrelevant is equivalent to arguing that a law which prevents you from recovering damages from an insurance company which has cheated you does not reduce the value of your insurance policy. Again, you illustrate a complete inability to assess value. Benefits received today are worth far less than benefits in 1980. Most workers receive less in wages and benefits than in 1980. Plain and simply stated, you are a dumb ass.
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Wait, you mean to say politicians lied? No....
Yep, motherfucking fuckheads.