. . . sequestration.
That is the name for $1.2 billion in automatic spending cuts coming January 1 because the famous super committee famously failed to agree how to cut the deficit.
Conventional wisdom says this will be a disaster. One-half of the cut will hit defense spending and the other one-half will reduce domestic spending, not including Social Security and other sacred cows, both spread over the next ten years.
Critics are nearly unanimous that the cuts will destroy civilization as we know it, by hollowing out the military and sending starving kids into the streets to trade iPhones for Cheerios.
The critics may be right, but we still ought to do it. Here's why.