The sequester is a series of automatic, across-the board cuts to government agencies. This is used to get a handle on growth of the U.S. National Debt, which the CNN article states is up to about $16 trillion right now. The sequester will be taking place over the next 10 years, which will add up to about $1.2 trillion dollars in cuts. This all started in 2011 when Republicans in Congress demanded spending cuts in exchange for giving the Obama administration enough money to pay off government duties. As stated in the CNN article, people believe its "the first chance we have for real savings and deficit reduction."
This year, there will be $85 billion in cuts over the next 10 months. The ABC article stated that most government programs will be cut and the money will be distributed evenly throughout defense and nondefense programs. Important domestic programs such as Social Security and Medicare will not be affected by these cuts. Another name for the sequester is the Budget Control Act, or the BCA.
One thing that will come negatively from this is job loss. The Washington Post stated that there will be 2.14 million jobs lost from cuts to companies. Supposedly the sequester is going to help the economy, but it could also damage it in some areas. Job loss would be a huge task to get back on track if the sequester was going to continue for 10 years. But in the long run, the sequester could help the economy by controlling the massive debt that we have.
Tuesday, April 30, 2013
Thursday, April 18, 2013
Manifesto Beta Version
I believe that the government should focus their efforts on developing and further growing the economy. As long as businesses are thriving, more people have jobs; which helps the economy. The government shouldn't restrict businesses but give them more options in order to help and stay afloat. If more people see that businesses are doing well, then people would be more likely to enter the business world. More businesses means more jobs and also fewer unemployment.
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