Hi,
Courtesy of Eric Fry who writes for the Daily Reckoning:
First, a cut in spending, as Washington defines it, is rarely a reduction in current spending. It is usually a reduction in planned future spending increases. If you or I cut spending the way Washington cuts spending, for example, we would not save $10,000 per year by cancelling our golf club membership, we would "save" $10,000 by not joining the tennis club we were planning to join next year.
regards,
5412
