Our political leaders have played the sequester as mostly a matter of saving face, and that's pretty much all there is to the dreaded, feared sequester, sayeth Princeton economist Alan Blinder.
Now, the sequester is "stupid," he acknowledges, but it's at worst a "nuisance" that would go away with "a little human intelligence." Except for this:
The worst fallout from the fiscal uncertainty in Washington appears to be reputational, Mr. Blinder said. After the fiscal cliff, the sequester and looming deadlines over a government shutdown and the debt ceiling, the U.S. is “starting to look like Italy without the elections,” and risks becoming a “laughingstock,” around the world.
Sequestration to Cause 'Lot of Nuisances,' Blinder Says [WSJ Real Time Economics blog]