Economic Argument for Austerity Based on Excel Error?

[Jacob]

Who called it that?

Joan, Larry Summers.  Obama has used similar language (if not identical) numerous times.

Ah... I see.

I was under the impression that there had been various proposals for alternatives to the sequester, but that none of them had sufficient political backing to replace it.

Are you saying the sequester was an appropriate way to deal with the deficit? And that it was not blunt?

[Admiral Yi]

Ah... I see.

I was under the impression that there had been various proposals for alternatives to the sequester, but that none of them had sufficient political backing to replace it.

Are you saying the sequester was an appropriate way to deal with the deficit? And that it was not blunt?

The only proposal I am aware of is one pushed by a White House flunky on CNN.  When pushed on specifics all he could come up with is a billion cut from the Farm Bill.

Without a doubt it is blunt.  Whether it is appropriate depends on what you mean.

[The Minsky Moment]

Every time the person makinig that statement gets asked the follow up question of what cuts would make more sense, the silence is deafening.

I dont have the detailed access and insight into each appropriation and line item that the committee staffs do.  If Congress insists on abdicating its own responsibility to determine to make cuts in a reasonable and rational way, and thus must fall back on across the board reductions, then it should empower each affected executive department to allocate the funds to the appropriated items as it sees fit. 

[MadImmortalMan]

I don't think anyone with the power to do anything about it knows enough to be able to make the right kind of cuts. I mean, within the specific parts of the federal government I work with constantly I'm pretty confident I could find the right kind of cuts to make, but that's only one tiny piece of the pie. The thing as a whole is so huge there's no way anyone on a high enough level can possible be able to pinpoint the right things. I simply don't think it's possible to cut with razor precision if it's done at that high level.

[Sheilbh]

That's not the argument being made when someone calls the sequester a blunt instrument.

It is. It's stupid and the product of politicians failing to choose, which is what they're paid for. They'd rather everyone gets an equal amount of blame than actually make decisions.

But then I'm from a parliamentary system. I don't really understand how failing to pass a budget doesn't end in an election because the government hasn't done its job

I think the Coalition's austerity plans have been awful, but at the very least they sat down and decided what were the priorities over the next 4-5 years, where was there most low-hanging fruit and divvied up cuts accordingly.

[Admiral Yi]

Shelf, I think you misread.  Go back.

[Sheilbh]

Shelf, I think you misread.  Go back.

Not sure