How long can we survive this way?
Mr. Minnerick blames the right wing for the drastic cuts in spending due to the sequester. A little history: the sequester was agreed to by both parties should they not agree to cuts by a certain date. The parties could not agree and the sequester happened.
Now, do the math. In each of the last four years the federal government has had to borrow a trillion dollars. That means about 40 percent of the government spending was with borrowed money. The sequester amounts to a 2.4 percent cut in spending. I do not consider this drastic. Also, how long can we survive borrowing a trillion dollars a year?
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