Defense Cuts Are Not the End of the World

0 Posted by - August 16, 2012 - Career & Business, Economics, Military, Money

military spending 300x236 Defense Cuts Are Not the End of the WorldIt’s a little rich to hear conservative Republicans treat national security as if it were a federal jobs program

Say you run a business in a bad neighborhood. You’ve been paying a security company to keep your employees and property safe. You’re deeply in debt. Now the neighborhood has gotten better. You don’t need as much security anymore – so you plan to cut back. The security service says if you do that, some guards could lose their jobs. It needs you to keep spending what you have so they can stay employed.

Is this a good argument for you to keep paying what you always have? Of course not. Yet that’s the case being made by politicians in Virginia and across the nation about defense spending and sequestration.

Sequestration refers to automatic cuts that will kick in Jan. 2 as a result of last year’s Budget Control Act. In a piece published last week in The Virginian-Pilot, Republican House Majority Whip Eric Cantor warned of impending calamity. If sequestration occurs, Cantor said, “America’s ability to defend freedom around the world will be severely diminished.” The cuts would do “incredible damage,” “devastate the economy,” “threaten nearly a million jobs,” “cause catastrophic damage,” and so on.

CONTINUED at Reason. Written by A. Barton Hinkle.

No comments