As I was flipping through the various mainstream news channels this morning, I would occasionally land on Fox News (I know, shame on me). I noticed that Fox is apparently fuh-reaking out because it is getting so close to when automatic defense cuts are to go into effect (January of next year).
For those who don't know, there are looming automatic defense cuts of around half a trillion dollars over the next 10 years. Only around $45 billion of those cuts would go into effect in 2013.
If we take the numbers at face value and compare $45 billion to the overall defense budget from 2012, then we're looking at a cut in spending that amounts to only about 5% -- and that is only from the defense portion of the entire federal budget from 2012. If we include all of the 2012 budget, we're looking at barely 1%.
Of course, as it often goes in Washington, these cuts are being hyped up as doomsday cuts that will cripple the military and, unbelievably, stand in the way of economic growth.
Yes, you heard that right, economic growth. Indeed, the fear that the defense department will lose jobs in an already fragile economy has been voiced a lot on the news lately and many Republican politicians are claiming that losing these jobs would be catastrophic for our economic health.
Am I taking crazy pills?