1)
Increase in taxes.
2)
Cut in federal spending.
3)
Combination of both.
Pick
one. Pick them all.
Something
has to give by March 1 by the battling political parties or No. 2 will happen.
With either No. 1 or No. 2 happening alone will result in economic disaster for
the U.S.
Regardless
of who came up with the so-called sequester – the Obama Administration or the
Republican leadership – is a bad idea that will putrefy any chance of retaining
a continuation of the slowly recovering economy.
The bugaboo of the “sequester” has taken on a surreal perspective. What it is and what it does is often misunderstood.
First,
“sequester” is a verb, not a noun. The word is variously described as meaning:
1) to remove or withdraw into solitude or retirement; seclude.
2) to remove or separate.
3) in law, to remove (property) temporarily from the possession of the owner; seize and hold, as the property and income of a debtor, until legal claims are satisfied.
March 1 is not the drop-dead date for the spending
cuts. The original deadline was January 1, 2013, and that date was slipped. It
could possibly slip again by the hard-headed party leaders in
Washington-on-the-Deficit.
The $1-plus trillion in automatic spending cuts to
federal spending would take effect over the next 21 months. In addition to
about 50 percent coming from the Defense Department (about 15 percent of the
department’s total budget) and the other 50 percent from domestic program, the
sequester is estimated to result in the loss of more than a million jobs by the
end of 2014.
That’s the bad news. The good news is that the
Bipartisan Policy Center estimates that even with the present slow growth in
job numbers, the nation would net slightly less than three million jobs over
that period.
That’s the end of the good news. Areas that would
definitely be adversely affected if the sequester becomes a reality include
funding for special education, education for the disadvantaged, disaster
relief, disease control, mental health services, food and drug safety,
scientific research and air transportation security and traffic control, among
others.
Former Sen. Phil Gramm of Texas said in in 1985
when the Balanced Budget and Emergency Control Act, of which he was co-author,
was passed: “It was never the objective of the act to trigger the sequester;
the objective ,,, was to have the threat of sequester force compromise and
action.”
Well, Gramm never faced the
problem of a sharply divided House and Senate and elected officials who
literally hate each other and believe that “compromise” is a four-letter word.
It is becoming apparent
that the Republican and Democratic Party leaders would rather see America’s
economy crash and burn than suffer what they consider as “humiliation” in
reaching a compromise that includes tax increases AND spending cuts to meet the
objectives of the “sequester.”
Who
will cry “UNCLE!” first?
The majority of Americans
have already uttered the word. All we’re asking is that our leaders swallow
partisan pride and do what is right in order to keep any economic suffering to
an absolute minimum and work toward reducing the deficit and mandating a
balanced budget.
The present leaders and the mental lemmings that follow their lead simply don't seem to have the degree of love of country necessary for meaningful compromise,