The sky is falling and we are all doomed because the federal government is being forced to cut spending by one percent.
The mainstream media are all atwitter at this “evisceration” of government programs. They are trying to scare us with the specter of vital programs disappearing or being drastically cut rather than suggesting ways to eliminate waste and wasteful programs. Mostly the sequester is a phantom menace, a manufactured crisis (See here, here, here).
The blame game is in full swing with the administration trying to pin the sequester on Congress and those nasty Republicans while ignoring the fact that the sequester idea came from the White House (see Bob Woodward’s article here).
That being said, there is, nevertheless, a real problem: ever growing federal spending – spending money we don’t have. This is put in perspective by statistician William M. Briggs with the following graph (the two blips are the world wars). See Briggs’ explanatory text here. This amount of spending is ultimately unsustainable and the bubble will burst.