24/7 Wall St. has covered the coming spending sequestration and many of the threats and warnings that have come with the day of reckoning now looming and seeming almost unavoidable. President Obama calls the spending sequestration painful and unfair and warns that it will cost jobs and hurt the economy. Speaker Boehner said this was Obama’s own plan and then said for the Senate to get off its ass(ets).
We are going to skip any of the politics here but we want to know what you think in a reader poll below.
24/7 Wall St. has also seen many articles and many reports showing how much will be hit by the coming sequestration that it is hard know who to believe. As with most things, the answer probably lies somewhere in the middle. Press releases and studies have been released by local governments talking about how the sequestration will hurt military spending, ethnic communities, education spending, health care spending, banking profits and on and on.
The issue that is sort of confusing about such the fuss that it is creating is that it is effectively only slowing down the growth of higher spending compared to 2012. It is also said to only be $85 billion or so, depending upon which sources you read. We also have to wonder if spending or cutting spending is more important now with the national debt clock at almost $16.6 trillion and with Ben Bernanke today saying that the government’s direct debt obligation is roughly $11 trillion.
24/7 Wall St. wants to know what you think in an anonymous reader poll. Does spending sequestration really matter? Please consider your answer carefully.