"It's class warfare and my class is winning." Warren Buffett

The value of any commodity, ... to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities. (Adam Smith, Wealth of Nations Book 1, chapter V.)

The question we ask today is not whether our government is too big or too small, but whether it works....(Barack Obama)


Sunday, February 01, 2009

Obama to Cut Defense Budget by 10%

Obama has ordered the Defense Department to cut the defense budget by 10%. That's hardly enough given its already inflated size and how the size of the budget is a source of temptation for military interventionism abroad. But it's a start.
clipped from www.foxnews.com
The Obama administration has asked the military's Joint Chiefs of Staff to cut the Pentagon's budget request for the fiscal year 2010 by more than 10 percent -- about $55 billion -- a senior U.S. defense official tells FOX News.
Last year's
defense budget was $512 billion. Service chiefs and planners will be spending the weekend "burning the midnight oil" looking at ways to cut the budget -- looking especially at weapons programs, the defense official said.
Some overall budget figures are expected to be announced Monday.
Obama met Friday at the White House with a small group of military advisers,including Admiral Mike Mullen, chairman of the Joint Chiefs, Gen. James Cartwright, vice chairman, and Gen. Jim Jones, National Security Council chairman.
blog it

Reblog this post [with Zemanta]

Posted by Delaware Watch at Sunday, February 01, 2009

Labels: ,