Tuesday, August 07, 2012

Our Galtian Overlords On The Federal Teat

A much underdiscussed issue is the fact that many of our biggest asshole Galtian Overlords have their mouths planted firmly on the federal government feeding machine. Their waking up to worries about federal government spending cuts is not simply due to Keynesian concerns about aggregate demand and the potential for recession, but because they're seeing their federal contract gravy train disappear. They thought they could just take all the money for the poors for themselves, get some tax cuts, and then go light some more hundred dollar bills on fire while laughing at invalid senior citizens. Fortunately it isn't quite that simple.

As Nelson Schwartz reported in The Times on Monday, a number of manufacturers say they are canceling plans for investing and hiring, in part, because they fear that some $100 billion in budget cuts will take effect in 2013. In all, the law currently calls for $1.2 trillion in automatic spending cuts over 10 years, starting Jan. 1, divided between nondefense programs and defense projects.

Though odds are they'll get their money and the poors won't. Because America!