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.
If you are interested in reading a little bit more extensively about how consumers have been affected by the financial conditions, I recommend reading this recently released report by the Boston Consulting Group. They describe and contrast the consumer climates in several different regions, highlighting key differences between Western nations and the BRIC( Brazil, Russia, India, China) markets. The report ends with six suggestions for businesses to adapt to the new consumer conditions.