After months of inundating the American people with the horrific consequences if bold action wasn't taken by December 31, 2012 to resolve the "Fiscal Cliff" of uncontrolled government spending, on December 31, the Congress and the President postponed taking most actions.
What this showed America and the world, was the government's lack of fiscal discipline and it's lack of credibility. But in fairness, was this really anything new? If we the American people want to put our financial house in order, we will have to get much more involved.
But world history tells us people don't get involved until a financial collapse begins and they feel the pain. We see that today as people en mass in Portugal, Ireland, Italy, Greece and Spain have taken to the streets.
America is no different. It just hasn't yet felt sufficient pain for its people to unite and to get involved to fix its fiscal problems. Rest assured, that time will come.