The $16.7 billion of budget savings is a drop in the bucket.
"This is less than a penny, about 0.47 cents, of savings out of every dollar Uncle Sam will spend this year," the newspapers writes in an editorial. "And these aren't real savings that will reduce debt, because Congress has already fixed the budget totals."
If you voted for Obama because you were upset about the deficits the Bush Administration ran up, you must be feeling pretty stupid right about now. It's clear Obama has no intention of keeping his campaign promise to run a "pay-as-you-go" government.
From the WSJ:
We now live in a time when tens of billions of dollars has become a blip or rounding error in the federal budget. The Administration has said it's time to take action in reducing America's "$12 trillion American Express bill." We agree, but at this pace, with $16.7 billion of savings a year and even assuming no new debt, it will take centuries to pay off Uncle Sam's credit card.Read the full editorial at the newspaper's Web site.
Originally posted at TONY PHYRILLAS
