Judge the Fed on the Facts It Had

You want the real problem with relying on month-old Fed notes like so many are? They are a month old.

Think about it. The worry of the moment is that sequestration is going to slow down the economy. With the country taking aim at the military budget, something that has been sacrosanct except the time between World War II and the Korean War, one has to worry given that so many jobs are at stake. The discretionary part of the U.S. budget is heavily skewed to military and even though the Iraq war is over and the Afghanistan war is winding down -- two of the biggest short-term budget busters around -- the military has not trimmed its fat. Judging about what they are going after -- 800,000 civilian jobs instead of the huge overhead of generals and projects meant to fight the Soviet Union or defend Japan and Germany -- the Defense Department's going to scare everyone in Congress. No matter that my old pal and partner Larry Kudlow has a terrific piece that points out that the entire sequester harm this year will come to $44 billion, not $85 billion, in spending cuts and that's just a quarter of 1% percent of our GDP....462 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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