Cato Video on $2 Trillion in Spending Cuts

July 6, 2011

A new video produced by Cato’s Caleb Brown and Austin Bragg does a typically stellar job of visualizing the alleged $2 trillion in spending cuts currently being negotiated on Capitol Hill as part of a deal to raise the debt ceiling.

The video is based on my recent chart, which shows that $2 trillion in cuts over ten years is relatively small considering that the federal government is projected to spend almost $46 trillion over that same time frame. Indeed, rather than actually cutting spending, federal spending (and debt) would continue to grow – just at a slightly lower rate.

The video also highlights Chris Edwards’ concern that the cuts will be phony: instead of actual terminations in programs or reductions in entitlements, there is a strong possibility that budget gimmicks will be used to arrive at the savings.

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