Last week (11 march), I commented on a story by a Journal reporter named Winthrop Quigley about the supposedly dire consequences of a reduction in Federal spending due to sequestration. Sequestration here refers to the across-the-board cuts required because a bi-partisan panel could not resolve differences in obtaining a tiny reduction in the growth of the Federal budget over 10 years. Today the Journal published a much more balanced editorial advising New Mexicans that we need to broaden our economy away from Federal spending and also noted that we should get used to these cuts as the path we were on, the path we might still be on, is not sustainable.
Good job Albuquerque Journal! While I doubt that we will lose the number of jobs noted in the editorial that were attributed to a study by the University of New Mexico Bureau of Business and Economic Research, I am certain that there will be some losses. Regardless, the Journal editorial draws the correct conclusion.
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