Republished from Dr. Ed Yardeni’s blog: “Dr. Ed’s Blog”
Let’s assume that President Obama really wants to reduce the federal deficit by trillions of dollars over the next 10 years rather than mint platinum coins. Then most of that money will have to come out of defense spending if the Republicans won’t let him increase taxes again and he won’t cut spending on entitlements. Over the past 12 months through November, federal government spending totaled …