How Does Sequestration Affect You?

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  For many, the word “sequestration” is just another overly-hyped term being thrown about the halls of D.C. that doesn’t actually have any real effect on the average American citizen. However, if you know anything about how economics works, then you understand that no matter where large cuts like this take place, they ultimately affect all of us. Call it the trickle down effect or whatever you want: cuts in the government means cuts for small businesses and individuals, both directly and indirectly. For example, the IRS announced that portions of the Affordable Care Act that offer some health care incentives for small businesses will have cutbacks. This means that health care benefits are now a little more expensive for employers. This could result in  lowered benefits or benefits that are eliminated in full. Another direct impact is on individual and small business contractors who work with the government. With such large cutbacks, many of these contractors will have … [Read more...]