Originally posted at Capital Gains and Games.
I want to say this as directly as possible: The sequester - the Jan. 2 across-the-board spending cut that was triggered when the anything-but-super committee failed to agree on a deficit reduction plan last November - needs to be canceled.
In case there's any doubt about what I mean, note that I said "canceled" rather than postponed, delayed, kicked down the road, modified, revised or anything else short of completely stopping the sequester from happening. And I mean both the military and domestic spending cuts, not just one or the other.
The sequester needs to be canceled because it's the wrong fiscal policy at the absolutely wrong time that, as the Congressional Budget Office has said (and no one has seriously disputed), will hurt the economy at a point in the recovery when the other components of gross domestic policy won't be able to absorb the blow.
Other than that, it's a great idea. more »
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