UPDATE (03/01/13): To clarify a comment from the video that may be unclear, references to future defense spending are in nominal dollars.

http://www.cato.org/publications/commentary/fairy-tale-spending-cuts
http://www.cato.org/sequester

The “cuts” under sequestration are, in fact, not spending cuts at all. Even the one department that faces substantive cuts, Defense, will continue to spend at historically high levels. Cato Institute Senior Fellow Michael D. Tanner comments.

Video produced by Caleb O. Brown, Austin Bragg and Lester Romero.