By Jim Rogers, Editorial Director, CD Publications
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 â€“ 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 â€“ foundations, corporate givers, etc. â€“ 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 â€“ including sequestration â€“ has happened to sway us from continuing our pursuit of this mission.
Jim Rogers, Editorial Director
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