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Steve McIntosh Report Blog



Sequester

In 2011, Congress passed … and President Obama signed into law … the Budget Control Act, which required across-the-board cuts of $1.2 trillion as a way to motivate lawmakers to find some other way of reducing the nation’s budget deficit. They did not … and the deadline is today.
The president wants to cut spending and raise some taxes, while Republicans oppose any tax increases at all.
Interestingly, as the government prepares for furloughs and layoffs, members of Congress are immune. The 27th Amendment to the Constitution prohibits Congress from taking a pay cut until the next election. They will not feel the pain personally.
In fact, I wonder how many Americans will actually feel any “pain” with these spending cuts? And if they do, who will they blame?
There is the real question; who gets the blame? I would include “who gets the credit?” … but I don’t believe these cuts alone will solve the problem of mounting deficits and debt.
 
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Our thought for today is from Laurence J. Peter:
 
“Democracy is a process by which the people are free to choose the man who will get the blame.”


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03/01/2013 1:54AM
Sequester
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