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American Enterprise Bank

Sequestration: fear mongering and bad theatre

It’s all political theater — and bad theater at that.

The idea that Washington, both the legislative and executive branches, expect the taxpaying public to take them seriously when they drone on about the necessity of “cutting spending” is absurd on its face.

These are the people who, over the past 100 years (next month) since Woodrow Wilson was elected president, have brought us to where our federal agencies spend at least a trillion dollars more every year than the government takes in.

And now they’re out there this week braying about how $85 billion in spending cuts next fiscal year will be the death of us all. That’s $85 billion in a $3.8 trillion budget, $1 trillion of which we’ll have to borrow from the Chinese or other sources purchasing our treasury bills backed by money that the federal government is printing and pumping into the market.

Get that?

Ever notice that when government spending is targeted — at all levels — they trot out predictions designed to scare you?

“Well okay, if we have to cut more, there will be fewer police and firemen.”

Fewer teachers, less money for schools, more pollution, school kids won’t eat, senior citizens dining on cat food.

President Obama, he who governs not on substance but on knocking down straw men and staging photo ops and visuals, yacks on in front of a group of uniformed whatevers dutifully standing there (likely on taxpayer time and travel) in great fear of losing their jobs and making our lives less safe.

Ever see him, or any President for that matter, stage the same event with, say, etymologists or pizza dough makers in the background? Nope. Nothing scary there.

Getting back to what we now call sequestration, do you honestly believe that after March 1 the loss of $85 billion (about 2.4% of the total projected budget) will send this country down the tubes? Mind you, this is a federal government whose own analysts estimate has $115 billion in pure waste and double payments built into the system right now.

And consider this, even with sequestration the government will spend more next year than this. What they’re cutting back is the rate of increase.

Here’s what will send the country down the tubes: continued $1 trillion annual deficits (even before Obamacare kicks in) and the refusal to reform the biggest cause of them — entitlements. If your governing plan doesn’t include those, you’re not serious. Better yet, you’re not fit for a position of authority in Congress or anywhere else.

Something else to consider this week amid all this pointless fussing. Private business had to sequestrate five years ago, and you didn’t hear nary a peep about it. Most of us cut back far in excess of 2.4% and we did it because we had to.

And many of us are still dealing with that collapse in 2007 which, if you must know, was precipitated by the bottom falling out of the housing market and resulting financial collapse of big lenders who peddled derivatives consisting of home mortgages held by people who should never have been given mortgages.

And why were they? Because of mandates from Washington, both Congress and the executive branches. Basically the same players in charge now.

Get it?

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