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Originally posted on International Liberty:

The looters and moochers in Washington are increasingly agitated by the prospect of sequestration.

Automatic budget cuts, we are told, will indiscriminately slash vital programs and undermine economic growth by reducing government spending.

This is utter bunk. I would like to “slash vital programs,” but the chart I prepared earlier this week shows that the federal budget will expand by $2.4 trillion if a sequester occurs.

So the net effect of sequestration, as I explain in this Larry Kudlow segment on CNBC, is that the federal budget won’t expand by $2.5 trillion.

I did this interview from London, by the way, where is was past midnight, so I hope you’ll forgive me for looking a bit groggy at the very beginning.

But I think I did a decent job once the juices started flowing, though it’s hard to have an argument with someone who still believes in the snake-oil…

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