The next day, Congress and The Media decided that it was so much fun to tease the citizens, that they would do it again. So they started running through town yelling, "Fiscal Cliff! Fiscal Cliff! We're going to fall off the cliff!" All the citizens were terrified and ran into their houses, locked the doors, and planned for a massive tax increase. The day passed, and Social Security Taxes increased 2%. The people were relieved, and Congress and The Media smirked.
The next day, Congress and The Media decided that they had so much fun the past two days, they wanted to try it again. So they started running through town yelling, "Sequester! Sequester! Our military will be decimated!" But this time, the citizens of America cast a skeptical eye on these two. They had been duped twice, or more, before and didn't want to fall for that again. So the citizens went about their business. They didn't stop supporting the troops. They didn't stop believing that America was the greatest nation on earth. However, they began to to stop believing Congress and the Media.
Samuel Croxall, an English writer known for his translation of Aesop's Fables, referenced political alarmism when he asked: "when we are alarmed with imaginary dangers in respect of the public, till the cry grows quite stale and threadbare, how can it be expected we should know when to guard ourselves against real ones?" (Wikipedia)
I can't tell you if the sequester will have an impact on society at the end of this month. But I can tell you this: Nobody believes a liar, even when he is telling the truth.