President Barack Obama has endorsed a two-year salary freeze for federal workers. He and his allies in Congress and the liberal media portray this is as a significant concession to resurgent Republicans on Capitol Hill.
In fact, Obama might as well be using a milk jug to bail out the Titanic — the freeze is estimated to save only about $5 billion in an annual federal budget of more than $3.5 trillion, including a $1.3 trillion deficit. In short, Obama is trying to pass off a temporary savings of one-twentieth of 1 percent of total federal expenditures as a serious move against Washington, D.C.’s federal spending and debt crisis.
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