But Washington is talking about none of this. Instead the Congress and the President are going to continue to debate how much more to cut from public services as if that would fix the economy. That debate is likely to turn foul. Republicans use the debt ceiling to demand structural cuts in Social Security, Medicare and Medicaid. They'll likely be willing to repeal or dilute the sequester as an incentive to focus on the core security programs. And they'll be convinced that the president will fold once more.
Americans are struggling with mass unemployment, declining wages, increasing insecurity, Gilded Age inequality. Trimming the deficit addresses none of these, and is likely to slow growth, making things worse.
We've had an ugly debate leading to a wretched agreement. And that agreement only insures that the debate will get uglier.