The United States is on an unsustainable fiscal path. You have heard that the Joint Select Committee on Deficit Reduction was unable to reach an agreement on reducing the nation’s deficits, so sequestration, or automatic cuts are now set to go into effect in 2013. According to some news outlets, these cuts are draconian and will send seniors starving and leave the military without ammunition. Here’s the reality, and it’s only a reality that can exist inside the Beltway:
That’s correct. Federal spending will continue to increase, albeit at a nominally slower rate. There are no budget cuts. Only decreases in the increases.
God help us.