Super Failure?
Was the deficit Supercommittee’s failure a fiscal disaster? On the face of it, no. Their failure to come up with $1.2 trillion in tax increases and spending cuts over two years will simply trigger an automatic sequester process that will begin in 2013. There’s no risk from this of a government shutdown or a debt default. All three ratings agencies affirmed the US’s credit rating. But on a deeper level it illustrates that our political system is broken. The fiscal path the nation is [...]