But even in the “across the board” cutting program it seems the poor are going to get the worst of it.
Unless a deal is reached to change the course of the cuts, housing programs would be hit particularly hard, with about 125,000 individuals and families put at risk of becoming homeless, the Department of Housing and Urban Development estimated. An additional 100,000 formerly homeless people might be removed from emergency shelters or other housing arrangements because of the cuts, the agency said.
That will teach the “takers” a lesson. And of course no one has been more greedy and irresponsible than poor women and children, time for market discipline proles.
Other programs that assist low-income families face similarly significant cuts, including one that delivers hot meals to the elderly and another that helps pregnant women. Policy experts are particularly concerned about cuts to the supplemental nutrition program for women, infants and children known as WIC, which provides food and baby formula for at-risk families.
It is considered one of the most effective social programs in government, reducing anemia and increasing birth weights. But up to 775,000 low-income women and their children might lose access to or be denied that aid because of the mandatory cuts, according to calculations by the Center on Budget and Policy Priorities, a nonprofit research group.
Now is also a good time to recognize that Wall Street will not be facing austerity, at all. Because unlike the poor they have a benefactor with unlimited resources, in fact, their benefactor has their own money printing press – the Federal Reserve. The Federal Reserve has given trillions (with a T) to Wall Street in secret loans, not to mention its public bond buying program aka “quantitative easing” which allows banks to front-run the Fed’s bond purchases and make a quick easy risk free trading profit. Nice subsidy. And that’s all without factoring in the zero interest rate policy (ZIRP) the Fed has running and plans to continue – forcing savers into the market. If you want to know why the markets are reaching all time highs now you know.
The results are not surprising – massive corporate profits and no jobs. The government spending by-proxy program the Federal Reserve is running has escaped both parties public statements. Both sides want to talk about the cuts they are willing to impose on the poor, to entitlements, anything to satisfy bondholders. Cutting assistance to the poor while the rich are getting a massive subsidy with no end in sight. Of course, unlike Wall Street, the poor and seniors aren’t kicking back some of their government subsidized wealth to members of Congress.