Let Sequestration Happen
A first step in sobering up Washington.
February 22, 2013 - 12:00 am
Obama knows, or should know, that “hundreds of thousands of Americans” are constantly added to the unemployment rolls every week, even during good times. Of course, hundreds of thousand are also hired. The important current point is that for at least the past two years until very recently, weekly job losses as measured in filings for initial unemployment claims (before the Department of Labor’s exercise in distortion known as “seasonal adjustment”) had usually been declining in year-over-year comparisons by between 6 percent and 15 percent. During the past five reported weeks in 2013 combined, they’ve been virtually the same as they were a year ago.
The unemployment rate doesn’t need any help in “ticking up.” It rose to 7.9 percent in January. It has never been below 7.8 percent since Obama took office in January 2009. It will be no surprise to anyone if it “ticks up” again, without or without sequestration.
Sorry, Mr. President. The economic decay which you claim is a possible future event has been underway for several months — and if it gets worse, it will have almost nothing to do with sequestration, and almost everything to do with your economic and fiscal policies during the past four years. You’re the nation’s chief executive. If you want to find $44 billion to avoid your self-created catastrophe, do something about the at least $125 billion in improper payments the Government Accountability Office says your executive branch makes every single year.
At this point, allowing sequestration to happen is a precondition for beginning the sobering-up process the political class in Washington must undergo if this country is to financially survive.
So let it happen.