Thomas E. Woods, Jr., is the New York Times bestselling author of 11 books, including The Politically Incorrect Guide to American History and Meltdown (on the financial crisis.) A senior fellow of the Ludwig von Mises Institute, Woods has appeared on MSNBC, CNBC, FOX News, FOX Business, C-SPAN, Bloomberg Television, and hundreds of radio programs... (Read More)
During the “fiscal cliff” non-event debate, I noted that defense cuts would be okay because the U.S. military budget is far greater than the total defense spending of the rest of the developed world. (Considering the military quagmires in which we’ve found ourselves mired in recent years, that bloated budget certainly hasn’t been employed wisely.) Defense cuts are once again a possibility in this round of sequestration, and Bloomberg Businessweek published a must-see infographic that shows that 1) much of what would be cut would be contractor windfalls that have little to do with the defense of the nation, and 2) ironically, the majority of the cuts would be felt in Democrat districts. As far as I can tell, the only significant cut would be to one (1) health insurance plan. But the overwhelming majority of the employees who would be furloughed provide non-essential services. And servicemen can do without $33 million in lobster tails and other gourmet foods!
See the revealing infographic laying out the cuts.