The debt ceiling arguments in mid-2011 caused a HUGE DROP in the stock market. We can expect the same with Sequestration on Friday.
While some Republicans bellyache about cuts to the over-bloated Military Budget, Sequestration will have a particularly harmful effect on Minorities, the Elderly, Children and the Middle to Lower Income Americans.The first to be impacted will be:
1. The Unemployed: Those who have been on unemployment benefits for over six months may lose some or all of their continuing benefits. Additionally, Workforce Development programs will be reduced or cut. Jobs Creation and Infrastructure Rebuilding Programs: Funds may be cut. Programs stopped.
2. The Poor: Housing Programs: Section 8 programs cut. Home Energy Assistance, including winter heat bills programs cut. Cuts to WIC, Food Stamps, Nutrition Programs for Children Cut.
3. Middle to Lower Income Employees: Federal, State, City Jobs -- Expect Teachers, Firefighters, Policemen and Border Security layoffs.
4. Education: Student Loans programs cut. Financial Aid programs cut. School Programs from Head Start to College Mentoring programs cut.
In addition to these cuts, in preparation of the impending Sequestration, starting last Thursday, Federal Immigration officials have released hundreds of non-felonious criminal detainees from immigration detention centers around the country. The move has been put in place to save money as automatic budget cuts loom in Washington. (One positive aspect to the Sequestration that Republicans will surely hate!)