Sequestration has taken effect and government spending cuts will take place. I expect the cuts to be extremely painful as government intentionally cuts essential services instead of cutting waste, which is the exact opposite of what a private company would do. To make their point, the government has chosen to release over 200 illegal immigrants scheduled for deportation because of the need to cut costs. However, there is no discussion of the elimination of extravagant conferences that represent wasteful spending or the fact that the U.S. spends more on defense than the next 17 countries combined.
Yes, spending cuts are typically painful. The sequestration spending cuts will even be more painful because of the "cut essential services" approach chosen by the government.
Even so, I think reducing federal government spending is the right path to take. If the government chooses to make poor decisions on what to cut, I guess we'll need to experience more pain that we normally would.
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This is not financial advice. Please consult a professional advisor.
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