It is finally realized no longer a looming threat hanging over the country but a reality. The countdown reached its pinnacle, the fear of a major impact is now possibly a devastating reality. After weeks of negotiations, Congress and the President were unable to come to any compromise and pass any legislation. The final point of contention that stalled negotiations was closing loopholes as a source of revenue. What is a loop hole if it isn’t an exception to a rule that is either intentionally inserted or unintentionally inserted into a bill that allows a select group to avoid a consequence others must face. Assuming the concept, “equal justice under the law” still has merit, why wouldn’t Congress want to close unintended loopholes that favor one group over another while denying needed revenue to fund government? If it is an intentional loophole, why do some argue so vociferously in defense of discriminatory practices in the tax code? These exemptions for a few creates more unnecessary disparity between elite wealthy individuals and the masses.
The sequester has come to fruition. So what is the true impact of these 85 billion dollar in cuts? Are the consequences as dire as as the pundits have claimed, a virtual doomsday. Will it change the average American’s life? Since the major economic collapse of 08, the wall street debacle and the housing bubble burst that left homeowners reeling in dismay we sunk into a deep recession. Just as we began to feel hopeful and gain confidence in future prospects with a slow but steadily recovering economy an idle, stubborn and apathetic Republican controlled House of Representatives sank us into another crisis. Our economy was not experiencing a robust recovery but it was improving. The sequester could change everything, eventually leading to an even deeper recession. Tea Party Republicans allowed their need to please their donors and lobbyists to take precedence over the needs and wishes of their constituents.
The American People have become acclimated to such displays of repeated bickering, partisanship, politics, inaction, and just a complete indifference to their obligation to this country and its people. The public has endured one fiscal or economic-related nightmare after another. The extended debate over federal stimulus, banking and auto bailouts, wall street corruption repeated short-term funding, constant threats of government shutdowns, debt-ceiling fights, and battles over budgets, taxes, revenue culminating in a fiscal cliff showdown. These spectacles of ranker nave shattered the faith of the American people in its government.
The automatic cuts are massive and arbitrary, the 85 billions of dollars set to be slashed will be phased in over an extended period of time, delaying the complete impact on the economy. The eventual predicted impact of the spending cuts could be much more dramatic and detrimental in the future than previously determined. Specific effects could include, flight delays, limited hours at national parks, longer wait times at border crossings, furloughs of Pentagon employees and civilian workers at several other agencies. There could be downsizing and elimination of key programs in science, research, health, education, food & drug safety, environment and defense.
It will induce a huge government slowdown and since government is forty percent of our Gross domestic Product (GPD), it will instigate a trickle down effect that slows down production, expenditures and creates uncertainty at Wall Street and among consumers.
Despite all my predictions of doom and gloom there remains a ray of hope. If future negotiations can render and enact legislation to deal with our economic and fiscal issues we may not have to endure the full repercussions of “The Sequester” On a more pessimistic note if this Congress continues with its history of demonstrating unyielding, exacting, inflexible, inoperable and slacker behaviors the future will remain dim.