Yesterday I wrote about the possibility of federal sequestration and mentioned the implications upon state and local governments and the private sector. As mentioned, sequestration will happen unless the President and Congress can agree on a comprehensive tax and spending package for the country.
Sequestration would be devastating for the national, if not the global, economy. And President Obama may need to allow it to happen.
I have expressed these sentiments before. The "kick the can down the road" is no means of setting the budget for the government of the world's largest economy. And although I am sure that readers here will disagree with this next statement, I feel that the President is in the superior position here. The leaders of Congress, specifically the Republican leaders of the house, have to acquiesce to the President much more than President Obama needs to acquiesce to them.
Should sequestration happen, this would send larger shockwaves through the economy than just simply shutting down the Federal government. Which might happen at the end of March, BTW. And shutting down the government is generally not a good idea for the entity being seen as obstructing. And right now, the Republican House is seen as the entity that is obstructing.
And this isn't exactly a headache that House Speaker John Boehner wants either. His caucus is out of control between the Republicans who actually are principles conservatives, and the windbag wingnuts of the Tea Party. Plus, with his party politically on the ropes between the recent butt-kicking of the 2012 election and the internal squabbles between Tea Partiers and well, non-Tea Partiers, being blamed for messing up the world's economy may just bring not only his speakership down, but the entire structure of the Republican Party as we know it. To be possibly replaced with some political construct in which Rand Paul is the intellectual leader.
But the reason why I am totally OK with going over the sequestration brink is not political. Not at all. The cycle of the last two years of running the American economy has to be stopped. For our own good if need be. We need to chart a course that moves us back towards a balanced budget, so we can have a hope as a nation of at least stabilizing our debt and abate our continued dependence on the Chinese, Russians and others to fund our debt.
In November President Obama was re-elected because his policies were the ones Americans have decided to follow. He has been more than patient in assuming the Republicans were organized anough to want to participate constructively in the conversation. I say, enough patience with that. It's time to move on with them or without them, and if that means sequestration, so be it.
Just a little light opinionating for your Friday! I welcome your thoughts.