Washington Fails the American People - Again

...a bigger crisis looms in late March

By
Paul Brandus (Mar. 1, 2013)
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Well isn't this familiar. Once again, our feckless politicians have pushed the nation to the brink over a problem that they created but can't solve. Pick your cliché: We're about to go over a cliff. The sky is falling. The ax will drop. And guess what? An even bigger crisis — a possible government shutdown — awaits at the end of March. In Washington, the good times just keep on coming.

I'm guessing that by now you know what the sequester is. If not: The federal government is about to begin cutting $1.2 trillion in spending, divided among defense and domestic programs. That sounds like a lot, but it's spread over a decade. It amounts to about two pennies on the dollar.

There are a few good things to say about the sequester, but there seem to be more bad ones. On the plus side: Spending cuts might prevent another downgrade of the federal government's long-term credit rating. Major rating agencies like S&P and Moody's have warned of another ratings cut, which would further tarnish America's financial reputation. Also: Cutting two cents out of every dollar is, sequester advocates say, hardly disastrous. The federal government is bloated and redundant. A few quick examples to illustrate this point: 

For more please visit our friends at The Week

 

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