Obama skips one latte

Greg Mankiw puts President Obama’s $100 million spending cut in perspective:

Just to be clear: $100 million represents .003 percent of $3.5 trillion.

To put those numbers in perspective, imagine that the head of a household with annual spending of $100,000 called everyone in the family together to deal with a $34,000 budget shortfall. How much would he or she announce that spending had be cut? By $3 over the course of the year–approximately the cost of one latte at Starbucks.

(Via the Corner.)

UPDATE: Even Paul Krugman is calling the president out on this:

$100 million here, $100 million there. “Pretty soon, even here in Washington, it adds up to real money,” says the president.

Except, you know, really it doesn’t. Let’s say the administration finds $100 million in efficiencies every working day for the rest of the Obama administration’s first term. That’s still around $80 billion, or around 2% of one year’s federal spending.

(Via the Corner.)

Krugman calls it theater.  That’s the polite word.

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