Phil's Personal Finance Tip of the Day:
7 spending cuts you'll really feel
By Jennifer Liberto | CNNMoney.com – Thu, Feb 21, 2013 10:26 AM EST
Some of the worst hit will be 2.1 million federal workers who could be spending up to 22 business days at home without pay on a furlough.
The impact of federal food inspectors, park rangers, airport traffic controllers and security personnel staying away from work will be felt by many more Americans.
One important caveat: Cuts for the most part aren't expected to take effect right away. Experts expect agencies to do all they can to delay the start of furloughs, in some cases by several months.
But when they happen, these seven cuts will be really felt by many Americans.
1. Shrinking unemployment benefits. Some 3.8 million Americans estimated to collect unemployment checks between March and September will feel the pain the most. That's because unemployment benefit checks are being pared by 9.4%. On average, it would mean a cut of $400 over that period.
2. Beef and chicken to cost more and even face a shortage. A $51 million dollar cut to food safety programs means food inspectors will be furloughed and lead to closures of meat and poultry plants for up to 15 days. Americans will have to pay more and deal with shortages of chicken, eggs, pork and beef, according to U.S. Department of Agriculture Secretary Tom Vilsack. "Food safety could be compromised," he said in a letter. There will have less food available -- by as much as 2 billion pounds of meat, 3 billion pounds of chicken, 200 million pounds of eggs.
To read the entire article from Jennifer Liberto | CNNMoney.com:
http://finance.yahoo.com/news/7-spending-cuts-youll-really-111900985.html
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