WASHINGTON – As economic policy goes, experts say, the automatic spending cuts that kick in Friday are – to use a technical term – bone-headed.

Fortunately, the self-inflicted wound isn’t going to leave a deep scar on an economy that is otherwise looking pretty good. It’s a fiscal speed-bump on the road to economic recovery, which is why the stock market is nearing an all-time high despite Washington’s latest display of legislative paralysis.

That’s a marked change from the past two years, when budget battles rattled consumer and business confidence and triggered big selloffs.