It's now become clear that the dreaded sequester budget cuts—most of which are actually cuts against the rates of spending—aren't going to usher in a new era of Dickens-esque beggary, as many progressives predicted. But that hasn't stopped plenty of commentators from insisting that the cuts are still harsh and throwing around the A-word: "austerity." But how austere is the sequester? Businessweek examined the agency hit hardest by sequestration, the Pentagon, and found something...well, entirely predictable:
Basically, the Pentagon figured out creative ways around the sequester—prompting Lockheed’s chief financial officer, according to BGOV, to call the Pentagon’s handling of it “masterful.” That’s not the only praise the Pentagon has gotten from contractors. Ratnam and Lerman report that API Technologies’ chief executive officer told reporters the Defense Department is now “more careful in terms of what they’re procuring and how much they’re paying.” (Emphasis added.)
Less money yields more efficiency. Imagine that!