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To hear US President Barack Obama tell it this week, the budget sequestration – automatic spending cuts due to kick in on Friday March 1 – will decimate the government. Each party is blaming the other, as if something new and unexpected was about to begin. Many of the pending cuts are indeed ill-advised, but [...]

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President Barack Obama’s budget for 2013 will set off a vitriolic battle. Republicans will rail against the Democrats’ “class warfare” and Democrats will rail against the Republicans’ “coddling of the rich”. Yet it is mostly for show. The rich will win in their fund balances while probably losing at November’s presidential polls, and the poor and working [...]

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