Wolf: 'This Nation is Going to Go into Decline' if Sequestration Hits
In a WTOP interview Wednesday morning, Virginia's 10th district representative says sequestration likely won't be stopped before March 1.
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With sequestration looming, Virginia Republican Congressman Frank Wolf (R-10th) said on WTOP Wednesday that while there is a sense of urgency on Capitol Hill, he does not expect to see any action to stop sequestration by this Friday, the deadline for it to take effect.
"I think it will be stopped, but before Friday? No...but shortly thereafter," Wolf told WTOP in an interview Wednesday morning.
Sequestration will have a big impact around the Washington area "on home sales, jobs, many small businesses, particularly on contractors — they don't have certainty," but it will also have an impact on the whole economy across the country," Wolf said.
Wolf has urged his colleagues to embrace legislation he co-sponsored four weeks ago, with recommendations from the Simpson-Bowles commission (named for former Republican Sen. Alan Simpson of Wyoming and Democrat Erskine Bowles, chief of staff to then-President Bill Clinton) that gradually raises the retirement age.
"That's the way to to do it," Wolf said. "It raises revenue by closing loopholes, for every three dollars of revenue, there is a dollar of savings." He called it the "best roadmap to stop the crisis. If we reform entitlements, we can solve this."
"If we don't do something soon, this nation is going to go into decline," Wolf predicted.
Wolf seemed to point a finger at President Obama and Speaker John Boehner. "If President Reagan were president now, this would not be happening," he said. "He and [then Speaker] Tip O'Neill came together. It can be stopped before there's serious damage. I'm not going to get into the blame game...it'd have to be a five-hour show."
Wolf said what is happening "is dysfunctional. We should not go through this fruitless posturing."
lexgreen
1:42 pm on Wednesday, February 27, 2013
'Wolf said what is happening "is dysfunctional. We should not go through this fruitless posturing."'
This is nothing new, we've been subjected to two years of dysfunction, fruitless posturing. The S&P downgrade did not cite an inability to meet obligations as a reason for the downgrade, it cited the governmental dysfunction that Mr. Wolf mentions. The debt ceiling stand of, the fiscal cliff, andnow the sequester are all examples of not only dysfunction, but inaction and incompetance.
Mr. Wolf well knows that the most recent occurance of a balanced, or nearly balanced budget, was FY 2000. The Bureau of the Public Debt indicates the deficit at that time was less than 20 Billion dollars. He also knows what spending occured after FY 2000 that took the budget away from balance. If the budget issues have become as urgent as he claims, then we can look at was was done in the late 1990's as a model for how to fix it. Had the budget been kept in balance, or, better yet, gone to surplus for a time before the most recent recession, we would have been in a much better position to deal with it.
Medicare is the entitlement program with the largest deficits, a difference somewhere in the area of 300 billion between what taxes take in and what the program actually costs. "Reforming" the program, through cuts, doesn't address the urgent problem of out of control, annual increases in health care costs, that have gone on for decades. Just cutting liftime benefits won't address that.
Su 'Ratatask' Eaves
11:42 am on Friday, March 1, 2013
I keep hearing people saying that these cuts are small, but they always compare them to the annual budget - over 12 mos rather than over 7. Then they say that there are plenty of places we can cut the budget - but that's not what sequestration is - it's not making cuts wisely where there is room for cuts, but across the board in a very stupid way. I contract for DOD and they keep saying that they will put their employees on furlough one day a week (or one day a pay period?). This kind of forced pay cut will take a huge toll on families, their ability to pay their bills, and will definitely cut out any discretionary spending. Other programs will be cut entirely, putting people out of work. I don't see how this could not hurt the economy.
The idea that sequestration even exists seems like irresponsible governing, but having it actually go into effect is appalling. Worse than that, the frequent quotes from people in government that it's not going to be so bad shows me that there is a lack of honesty - especially since many of the same people were saying how bad it would be a couple months ago.
It is clear that this congress is completely broken and ineffective. I hope decent people run next elections because I see no reason why any current member of congress should be reelected at this point.