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In the News: The Non-Existent Spending Cuts Wrought By the “Devastating” Sequester

Sequestration SealsUnderstanding 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 recoveryBut 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.