The Real Effects of Sequestration
CAPITOL HILL BRIEFING
Thursday, October 18, 2012
Noon (Lunch Included)
Featuring Christopher Preble, Vice President for Defense and Foreign Policy Studies, Cato Institute; Dan Mitchell, Senior Fellow, Cato Institute; moderated by Kelly Cobb, Senior Director of External Affairs, Cato Institute.
2203 Rayburn House Office Building
The Budget Control Act passed by Congress directs that on January 2, 2013, the Obama administration must cut the defense budget by at least $55 billion and cut the same amount from domestic discretionary spending. Some observers assert that such reductions will damage the economy and increase unemployment. Even many who view excessive government spending as economically counterproductive oppose Pentagon cuts. These concerns are overblown, Cato scholars explain. The cuts amount to less than two thirds of 1 percent of GDP in 2013, and cumulative spending will still climb by nearly $2 trillion over the next decade if sequestration takes place as scheduled. Join us for a discussion of whether or not military spending is different from other forms of government expenditures and whether the impending cuts might actually benefit the economy.
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