OFF THE WIRE
After weeks of watching Democrat and Republican lawmakers engage in
congressional kabuki theater, the curtain of sequestration has at last fallen. And
now that we're well into the process, actors on both sides of the political stage
appear resolute in agreeing to remain utterly disagreeable.
What has become clear since March 1 is that sequestration will not result in an
immediate negative impact on the nation's economy. What happens down the
road remains anybody's guess; but for now, little has changed.
Understanding this reality is especially important for those in the social services
sector who have been told that sequestration would bring about a budgetary
doomsday, resulting in the evaporation of federal funding streams upon which so
many of us rely.
But, that isn't at all the case. Indeed, hundreds of billions of federal dollars remain
in the pipeline. What's more, the relatively small percentage of funding
slated to
be cut -- about 5% for nondefense discretionary funding – amounts to a drop in
the proverbial bucket.
But let's not dwell too long on the obvious. In fact, just for the sake of argument,
let's agree with the naysayers that federal money for social services -- at least for
the foreseeable future -- is going to be tough to find.
Well, here's a news flash: Private funders – foundations, corporate givers, etc. –
will fill whatever void results from a diminished federal funding stream.
How do we know? Just take a look at Wall Street. In case you haven't noticed,
we're in the midst of a very bullish market, with stock prices hitting record highs.
And typically, the stock market is where foundations and other funders/donors
invest their money.
Here at CD Publications our mission for more than 52 years has been the pursuit
of independent, nonpartisan reporting designed to provide our readers
with
honest assessments of developments in the fields we cover. Nothing – including
sequestration – has happened to sway us from continuing our pursuit of this
mission.
Absolutely nothing.
-- Jim Rogers, Editorial Director
