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It never had a chance begin with so can we stop the handwringing.
Obama and the Democrats have the leverage during the fiscal cliff negotiations and what is likely to get done is the most political appealing options. Raising taxes on the rich and maybe some minor budget cuts in government.
There is real stuff to worry about like unemployment benefits extensions, but they are not going to completely dismantle Medicare and Social Security over a phony crisis. Just keep our expectations realistic.