Showing posts with label austerity bomb. Show all posts
Showing posts with label austerity bomb. Show all posts

Thursday, November 15, 2012

Klingons need saving too!

I've noted previously that several economic and political analysts suggest that 'fiscal cliff' is a misnomer.  Some are now suggesting that we should be talking, instead, about an 'austerity bomb'.  What is intended by this is that, if the Bush tax cuts are allowed to expire, then the budget will simply be too small to pay for all the programs currently in place.  As I understand it, if the Bush tax cuts are allowed to expire, there will  be an automatic series of cuts, including significant cuts to the defense budget.  Defense hawks are worried that this could cripple national security.  Not necessarily:
(Full article).