The real problem with the sequester is the idea that we need to do austerity right now, or any time soon – that means spending cuts or tax increases.
The debate in DC has been about which kind of austerity to do – these spending cuts or those spending cuts? spending cuts plus tax increases, or just spending cuts?
We don’t need to do any of that stuff. We shouldn’t be doing anything that’s going to hurt growth. Perversely, the hit to GDP from the sequester means it isn’t even going to reduce the deficit that much.
Debating what to replace the sequester with just gets it all wrong. We need to quick pass a law cancelling this thing. Not replacing it. Cancelling it.