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Painless and Easy Ways to Cut $83 Billion

Posted By Washingtons Blog On March 11, 2013 @ 6:00 am In Think Tank | Comments Disabled

Fed Spends As Much Each MONTH as Sequestration Budget Cuts Cost In a YEAR

 

Stopping the failed war on drugs would more than pay for the $83 billion dollars in “sequestration” budget cuts [1].

Congressman Grayson notes that we could replace the sequestration cuts by ending the Afghanistan war early [2].

We could pay for the budget cuts – and save a lot more money – by cutting down on waste and fraud [3].

And the Fed is buying $85 billion dollars – the amount of annual sequestration cuts – each [4]month [4] to carry out “quantitative easing” … a policy which benefits the super-elite but hurts the American people [5] and the economy as a whole.

Stop the Fed’s quantitative easing program, and we’ll be in much better shape.

Note: Admittedly, the Fed does get something for its money, so $85 billion is a gross -not net – figure. But it’s getting is worth a lot less than $85 billion a month.

And there are much cheaper and much more effective ways to help the economy. For example:


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2013/03/painless-and-easy-ways-to-cut-83-billion-2/

URLs in this post:

[1] more than pay for the $83 billion dollars in “sequestration” budget cuts: http://www.washingtonsblog.com/2013/03/stopping-the-failed-war-on-drugs-would-more-than-pay-for-the-sequester-cuts.html

[2] ending the Afghanistan war early: http://www.huffingtonpost.com/2013/03/08/alan-grayson-sequester-afghanistan-war_n_2840242.html

[3] cutting down on waste and fraud: http://www.washingtonsblog.com/2013/02/the-sequestration-debate-misses-the-real-issues.html

[4] each : http://www.bloomberg.com/news/2013-01-30/fed-maintains-85-billion-pace-of-purchases-as-growth-pauses.html

[5] benefits the super-elite but hurts the American people: http://www.washingtonsblog.com/2012/12/quantitative-easing-benefits-the-super-elite-and-hurts-the-little-guy-and-the-american-economy.html

[6] write down bad debt: http://www.washingtonsblog.com/2011/07/economics-professor-well-have-never.html

[7] Crack down on fraud: http://www.washingtonsblog.com/2013/03/the-government-has-it-bass-ackwards-failing-to-prosecute-criminal-fraud-by-the-big-banks-is-killing-the-economy.html

[8] Break up the giant banks: http://www.washingtonsblog.com/2013/03/stunning-list-of-bankers-economists-and-financial-experts-who-say-we-need-to-break-up-the-big-banks.html

[9] Force Wall Street to reduce leverage : http://www.washingtonsblog.com/2011/04/excessive-leverage-helped-cause-the-great-depression-and-the-current-crisis-and-government-responds-by-encouraging-more-leverage.html

[10] encouraging business to send jobs and dollars abroad: http://www.washingtonsblog.com/2013/03/money-is-being-sucked-out-of-the-u-s-economy-but-big-bucks-are-being-made-abroad.html

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