4th November 2012
Created in 1974 by the same Democratic congressional majority that handed over South Vietnam to the Communists and gave us the CAFE standards that ruined the American auto industry, baseline budgeting forced the Office of Management Budget for the first time to consider growing government as the fiscal norm, and reduced spending as an aberration. Even reducing the rate of spending was redefined as subtracting money, not adding money by a slightly lower amount. This has created a system which today’s Congressional Budget Office would score a freeze on all government spending as a $9 trillion cut, even though there’s no reduction in spending at all.
I remember 1974. It was not a good year.