Ok, it seems the U.S economy is bracing itself for yet another storm. March 1 is that deadline for automatic across the board cuts unless a deal is made in Washington (highly unlikely). According to “They give spending cuts a bad name. The law governing them requires that they be applied in a uniform way across the board. In other words, the meat of the federal government will be cut along with the fat, and by the same percentages in many instances. So needed projects and investments will be cut in equal measure with bloated projects that are duplicative. And people doing good work will lose jobs or pay right alongside people who do shoddy work. “There’s no business in the country that makes its cuts across the board. You … try to surgically cut those things that have the least adverse effect on productivity,” Erskine Bowles, who co-chaired President Obama’s fiscal commission, said at a Politico breakfast this week. ” The cuts if they go through will somehow affect all aspects of American life, for example airport check-in lines will take longer and military personnel wont get enough training. The total cuts will be $85 Billion dollars. So pay attention to what comes out of Washington because it will affect you if it goes through.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.