Everyone should know by now that many of the promised benefits of “stimulating” the economy with increased government spending never materialize. The good news is that most of the threatened economic harm from cutting government spending — such as those made prior to sequestration — never materialize either.

Just four months ago the president, federal officials, lobbyists, and government contractors warned that sequestration would inflict an immediate and devastating disruption to the economy and crucial government services. The Obama administration even issued specific and seemingly apocalyptic predictions about the immediate impact the cuts. But obviously, the sky hasn’t fallen on us yet.