Geoff Stephens: Cuts exceed 10 percent

April 24, 2013 

Cuts exceed 10 percent

Referencing the April 24 letter “Controlling cuts”: The “not a math major” is also not a major in understanding the facts about the sequestration cuts. First the $85 billion in cuts is for the remainder of the fiscal year, or five months, and they only apply to the non-Medicare and Social Security, or about one-third of the annual budget. So, with about one-third of the annual budget over five-twelfths of the year, the 85/527 is actually greater than 10 percent.

Be reminded both Medicare and Social Security are separately funded by their own taxes and should be adjusted to keep them solvent for the baby boomers.

Those revenues should not be treated as piggy banks for the General Fund.

Geoff Stephens

Cary

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