I love how the AP frames this story on spending cuts.
Automatic cuts in federal spending will cost the economy more than 2 million jobs, from defense contracting to border security to education, if Congress fails to resolve the looming budget crisis, according to an analysis released Tuesday.
The study, obtained by The Associated Press, was conducted for the Aerospace Industries Association, but it examined the shared pain for defense and domestic programs from the across-the-board reductions slated to kick in Jan. 2. The cuts would reduce the nation’s gross domestic product by USD 215 billion next year while consumer confidence would plummet, said the report by Dr. Stephen Fuller of George Mason University and Chmura Economics and Analytics.
“If they are allowed to occur as currently scheduled, the long-term consequences will permanently alter the course of the U.S. economy’s performance, changing its competitive position in the global economy,” said the report.
Get that? Obama ends our space program for all intents and purposes outsourcing it to Russia and wants huge cuts in defense, but CONGRESS must act according to the Associated Press.
Is it too much to ask that our journalists understand basic economics? Apparently so.
I’d like to put my not so Invisible Hand upside their heads.
They are waiting for the official White House memo that says they can start blaming things on the President. Of course, that won’t happen until just before the new one (fingers crossed) moves in next January.
The Amoral Press rarely comes down on the right side of things of late!