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In the News: The Non-Existent Spending Cuts Wrought By the “Devastating” Sequester
Understanding the sequester is difficult enough—even without politicians squabbling over the automatic spending cuts. But, as Bill Wilson explains in his op-ed for Forbes.com, the sequester is hardly as complicated as the current debate makes it seem: It is simply a clear result of the federal government’s inability to manage its debts:
“This basic storyline – played out time and time again – is directly responsible for our nation’s $16.5 trillion debt, its soaring deficits, its unfunded liabilities and its inability to sustain anything resembling a real economic recovery … But the current debate over the sequester – an across-the-board $85 billion reduction scheduled for the final nine months of the current fiscal year – is notable for both its unfounded hysteria as well as a surprising role reversal … In fact the sequester would scale back just one of every six dollars in discretionary spending increases since 2008 – hardly a ‘huge blow.’”
Read the rest here.