The Price of a Latte

Here’s the headline regarding the “big” news about what Obama’s first cabinet meeting hopes to accomplish.

Obama to order $100 million in cuts

Greg Mankiw, an economics professor at Harvard University, in a post titled Fiscal Responsibility, provides a realistic perspective in regards to that number for actual working Americans who are footing the bill.

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 $35,000 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 $34,997? We can put that on the family credit card and worry about it next year.

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