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!)
