Nicholas Wapshott

The fight over the best form of defense

By Nicholas Wapshott
March 4, 2014

With Europe on the brink of a shooting war over Russia’s occupation of Ukraine, it may seem an odd time to propose a sharp reduction in the size of the U.S. Army. But that is what Defense Secretary Chuck Hagel will do Tuesday when President Barack Obama’s new budget request to Congress is published.

The end of budget scare politics

By Nicholas Wapshott
December 23, 2013

“Are you kidding me!” The cry of anguished disbelief from House Speaker John Boehner has brought down the curtain on a five-year-long battle over public debt that will not be lifted until the presidential election of November 2016.

The sequester is just as destructive as we thought

By Nicholas Wapshott
April 23, 2013

Remember the sequester? When seven weeks ago the deadline to find a federal budget compromise came and went, there was much handwringing in Washington. In the event that no agreement was found there were to be cuts to public spending so severe and painful that no one would dare fail to agree. To deter Republicans from holding out, half the immediate spending savings of $85.4 billion was to be found from the defense budget, and, to ensure Democrats would work to find a deal, half from annually funded federal programs. Despite these encouragements to fiscal discipline, the March 1 deadline came and went.

Here’s the path around the fiscal cliff

By Nicholas Wapshott
December 3, 2012

The “fiscal cliff” talks offer a chance to rebalance the American economy so that the long years of living beyond our means — spending too much and raising too little, paid for by borrowing from the Chinese – will be brought to an end in an orderly fashion. As we have seen from the pitched battle between the White House and the Republican House leadership, finding the right balance between tax increases and spending cuts is not easy.

from The Great Debate:

Should Obama mimic David Cameron’s austerity?

By Nicholas Wapshott
July 27, 2011

By Nicholas Wapshott
The opinions expressed are his own.

In medieval times, a key member of a monarch’s retinue was the food taster, a hapless fellow who ate what his master was about to eat. If the taster survived, the food was deemed safe for the king’s consumption. President Obama has a taster of sorts in David Cameron, the British prime minister, who has embarked upon an economic experiment that echoes the recipe of wholesale public spending cuts and tax hikes needed if both sides in Congress are to agree to raising the federal government debt ceiling. How the British economy is faring offers Obama an idea of what a similarly radical policy of cutting and taxing here would mean to the American economy.