Our View: Is the sky falling, or not?

Addressing the looming sequestration Tuesday, President Obama predicted all manner of pain and suffering — i.e., jobs lost, meat inspectors and air traffic controllers furloughed — should the initial $85 billion worth of cuts go into effect on March 1.

Then, on Wednesday, Defense Secretary Leon Panetta added to the gloom and doom, stating 800,000 — 800,000! — civilian Pentagon employees would be furloughed.

Meanwhile, Sen. Rand Paul, R-Ky., had this to say on CNN: “It’s a pittance. I mean, it’s a slowdown in the rate of growth(our emphasis) . . . (I)s anybody not going to stand up and call his (Mr. Obama’s) bluff on that ridiculousness?”

So what’s the deal? Is the sky falling, or not? And who are you going to believe?