Unsurprisingly, most Americans have greeted the sequester with a shrug. What else could you expect? This is, by my count, the fifth self-inflicted fiscal crisis we have had in just over two years. We had the struggle to prepare any budget and avoid a government shutdown in 2011. Then there was the first debt ceiling showdown. Then the fiscal cliff. Then the second debt ceiling showdown. Each time, general catastrophe was predicted. Each time, a last-minute deal averted it. At some point, the American people were bound to become jaded and start ignoring the whole business. And, after all, this one is not a true crisis. It is a bad thing and will be economically harmful, but not truly disastrous.
Washington politicians should read the story of the boy who cried wolf. After a while, people stopped paying attention. Some people have said that the real lesson of the story was that the wolf eventually did show up after all. Some people may say that the wolf really has shown up this time. Actually, it would be more accurate to say that a wolf cub has shown up that may or may not some day grow up to be a full-grown wolf. Or it may not.
In any event, I predict the sequester will soon be forgotten in face of our next fiscal crisis. If Congress does not get some sort of budget out by the end of the month, the government will shut down. Sigh!
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