Americans are a lot better at belt-tightening than the people they send to Washington.
As Americans’ income fell by 3.6 percent in January, President Obama and Congressional leaders were warning of the dire consequences of sequester, the budgetary booby trap that forces cuts of as little as a third of that from the mammoth federal spending plan. Working stiffs sucked it up and absorbed the biggest monthly drop in income in 20 years, while the elected officials insisted that the federal budget had no fat to trim.
Financial planning experts say if Americans can take such a big bite out of their paychecks, Washington should be able to weather a similar cut, percentage-wise.
“If you compare [the sequester cuts] to sacrifices a regular family has had to make, you’re talking about the money you find in your couch cushions,” said Larry Winget, the best-selling author of “You’re Broke Because You Want to Be.”Read the rest of the story HERE and view a related video below: