The mainstream media seems to be missing a big story here, and I welcome your thoughts on why. While political reporters are breathlessly covering the brinksmanship on the sequester, they have stopped referencing the background. This deadline was supposed to force us to reduce the deficit, because we need to deal with this crisis, right? Wrong. The deficit is dropping, at a faster rate than any time since World War II. This is being covered by economists, (Paul Krugman has patiently explained this for years), the financial media, and even a few pundits on the right. Why not others?
We need to remind ourselves –and others– that the increase in the deficit was a result of necessary spending during an economic crisis, and not a fiscal crisis. It is coming down, as predicted, as more people go back to work, pay income taxes, and become less reliant on unemployment, food stamps, and other supports. We should not allow this phantom crisis as a justification for unraveling the social safety net.