You never know with Congress and the White House, but it seems to me there’s an excellent chance the sequestration cuts of $85 billion are going to happen on Friday. The president’s out there pitching against it, so is Rep. Rob Bishop. However, jaded Republicans, who were rolled last New Year’s with a deal that included several hundred billion-plus dollars in tax hikes, seem to be warming to the idea of the sequester.
It’s pretty simple why so many Americans aren’t worked up over a reduction in deficit increase of $85 billion. They know our leaders spend way too much money (we have a debt of more than $16 trillion) and they figure if we can’t trim $85 billion a year from our budgets, then we might as well call it quits and tattoo the words “waiting to be like Greece” on our foreheads. Most of us realize that President Obama’s administration has created too much debt. We know that President Bush’s previous administration caused too much debt. It’s gotta stop. They look at a Congress and a White House that created the sequester deal and is now trying to weasel out of it.
Despite our pols’ dysfunctional behavior, we probably should ditch the sequestration. It’s a bad plan that was cynically hatched in order to be ditched later. Its emphasis on cuts to defense and “non-essential” spending are the wrong areas in which to trim the budget. Instead, Congress and the president should implement tax reform that closes loopholes and tax breaks, as well as begin serious entitlements reform. A good outline toward doing the latter is found here. Also, a column on the benefits of tax reform is here.
The doom-and-gloom, Chicken Little arguments from our pols need to stop. Only the biggest sycophants to either party are listening. Most Americans see the government being run into the ground by debt and they are through listening to pols who keep piling up deficits and debt.