Here's Greg Mankiw on Obama's call for $100 million (with an "m") in budget cuts:
Just to be clear: $100 million represents .003 percent of $3.5 trillion.The ship of state is sinking and the Obama administration is lightening the load by tossing all the ping-pong balls overboard:
To put those numbers in perspective, imagine that the head of a household with annual spending of $100,000 called everyone in the family together to deal with a $34,000 budget shortfall. How much would he or she announce that spending had be cut? By $3 over the course of the year--approximately the cost of one latte at Starbucks. The other $33,997? We can put that on the family credit card and worry about it next year.
President Obama, whose healthcare and economic stimulus initiatives threaten to dramatically inflate the federal budget deficit, heralded a new push Saturday to cut wasteful spending in Washington....I have to ask: are there no dissenting voices, no devil's advocates, no consiglieres, on Obama's staff? Because I can only imagine the President threw out this risible idea and the White House sycophants nodded with great intensity at the revelation that office supplies can be purchased in bulk. It's enough to make you feel sorry for Robert Gibbs, who has to somehow explain away this nonsense.
The president singled out a move by Homeland Security Secretary Janet Napolitano to end consulting contracts to create seals and logos that he said had cost the department $3 million since 2003.
Extra – Wizbang: "Seriously. Obama can't even go for a billion in savings?"
More – Moderate Voice chirps happily: every little bit counts! Really, that's what you're going with? Suddenly I feel so much better about the $10 I'm saving every month for my kids' college tuition.
Update (4/21) - USN&WP Political Bulletin: "Obama cabinet spending cuts ridiculed."