Obama Cuts Literally A Drop in the Bucket
April 22, 2009
The Heritage Foundation’s Foundry blog has posted a helpful illustration of Obama’s proposed $3.69 trillion budget and how his requested $100 million budget cut looks in relation to the rest of his spending initiatives. Heritage quotes Harvard University economics professor Greg Mankiw:
“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 to 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.”
This graphic pretty much puts it into perspective.
(Hat tip to Norman Leahy of Tertium Quids.)