As Cato Institute’s Chris Edwards notes here, the budget deal does not mean that federal spending will decline or that any programs or agencies will be terminated. Spending by the feds will keep on growing, but not as fast as previously planned, so that means, in Washington Newspeak, that spending has been “cut.”
The politicians in Washington will continue to suck in vast amounts of resources for their mostly foolish and counterproductive desires while the productive sector will continue to decline. It’s as if a medieval doctor told a weakening patient, “I’m going to keep on bleeding you, but not as often as I had been.”
