Traveling around the country and waiting through airport security is already a hassle. But on Friday, February 22nd the White House warned Americans of even longer waiting times as a result of the mandatory government spending cuts that may go into effect next week Friday. Sequestration is an effect of the Budget Control Act of 2011 that raised the debt ceiling in stages as long as government spending cuts were made.
If no compromise on budget cuts is found between the White House and Congress, then the sequester will automatically be effective and government funding will be reduced across the board.
These budget cuts MAY result in a furlough of many people and a reduction in government services. On the other hand, without budget cuts the debt burden of the country keeps increasing, much to the detriment of future generations.
As the old saying goes: You can pay now or you can pay later.
U.S. Secretary of State Hillary Clinton’s recent trip to South Africa echoes the passage of the renewal of the third-country fabric (TCF) provision (under the African Growth and Opportunity Act (AGOA)) by Congress last week.
Although there are other players on the continent, we should not fear the competitions. As a recent article at New York Times points out, we should be grateful to China for its investments in the infrastructure. Thanks to its investments, we are now able to ship products faster and more cheaply from the local markets in Africa to Walmart warehouses in the U.S.
The TCF provision lifts the import duties of fabric and apparel and helps to support jobs and the manufacturing industry in the Sub-Saharan Africa region.
For more information: http://www.ustr.gov/about-us/press-office/blog/2012/august/weekly-trade-spotlight-third-country-fabric-provision-agoa