Dwight Watt - Watt Thoughts #268 2/28/2013

#268 - The sequester (Watt Thoughts)

The sequester takes effect tomorrow. It is probably the first possible serious attempt toward balancing the federal budget.

Obama proposed it over a year ago with a deadline the end of last year and it was deferred two months. When it was adopted it was done with extending the Bush tax cuts to same time and the two were to be a balanced approach.

In January we saw income taxes increased less than 10 percent on the wealthy and social security taxes increased about 50 percent on most working Americans. There were no budget cuts and I did not see Obama veto since not a balanced approach.

The sequester was other part. the administration in recent days has been basically predicting the end of the US government tomorrow because of it. Basically a cut by 2 percent in the growth of spending. Most Americans wish they had a growth in income in several years. Teachers and state employees in Georgia have not had raise in 4 years and actually had cuts most years as we have had furlough days. The feds can do similar to federal budget of reduce.

In all likelihood you will not see effects of sequester in coming weeks except where political theatre is played. That is why ICE started releasing detainees earlier this week. Claimed because sequester but sequester starts Friday.

Hopefully we can start doing more cuts and our elected leaders working together to get a balanced budget. But lets talk tax increases and budget cuts in terms of this year not a 10 year theory.



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