Sunday, March 3, 2013

Cato Institute: Sequestration won't adversely affect most Americans

Cato Institute to Malzberg: Sequestration Won’t Devastate Most People - Bill Hoffmann, Newsmax:

March 1, 2013 - "Yes, it’s serious, but sequestration will not have cataclysmic consequences for the average person as some have feared, according to Michael Tanner, a senior fellow at the Cato Institute.

"'If you receive a government paycheck or you’re a government contractor … there’s going to be a certain amount of pain in the future,' Tanner told Steve Malzberg on Newsmax TV’s The Steve Malzberg Show.... 'But for the average American, I don’t think they’re going to see anywhere near the type of consequences that we’re hearing about.'

"Tanner ... said the amount of the cut in question is far less than everybody thinks. 'They keep talking about $85 billion, but the reality is $41 billion of that is cuts in future years that are attributed budgetarily to this year but don’t actually occur.... If it’s $44 billion, which I believe it is, it’s 1.2 percent of federal spending, and that’s from a budget that’s set to increase.'"

"Tanner said the government will actually will spend more money ... next year than it did this year. 'So we’re not even reducing spending. We’re simply slowing the rate of growth,' he said.'"

Read more: http://www.newsmax.com/Newsfront/Cato-Institute-Steve-Malzberg/2013/03/01/id/492737
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