First, a little info on the cuts and their predicted impact. These across-the-board cuts to defense programs and domestic discretionary programs (not to Social Security and entitlements) would start to take effect March 1, which the parties agreed to in the fiscal cliff deal. Over the next seven months, this would mean $55 billion in defense cuts and $27 billion in domestic cuts. Those are pretty steep cuts.
That’s austerity. Austerity, in difficult economic times, which these still are, is never good. Anything that takes money out of the economy isn’t good. This is the great paradox of the Republican position that “we” have to learn to live within our means. There’s never been more insidious nonsense put about the land. The only thing severe cutbacks would do is put the recovery at risk.