This edition outsourced to Tommywonk. Read the whole thing, but here is an interesting bit:
Left out of that argument is the question of how we got to the largest deficit in history. Hundreds of billions spent on a six year war in a foreign country have not provided much economic benefit here at home. The Republicans in Congress might want to think twice before starting out the new term by referring to the past eight years.
I’d also add to this that it is very clear that the 2 rounds of BushCo taxcuts produced little in the way of “stimulus” (economic gain over the past 8 years were largely fueled by the illusory wealth of the housing bubble), and certainly the last tax cut (rebates) back in the spring helped people pay down debt, but produced no jobs, increased the GDP not one whit. What these taxcuts DID represent was the creation and sustenance of the first deficit budgets since Clinton left. They never paid for themselves (as is now all too evident), and only produced benefits to the upper income folks who got them.
And while we’re at it, I have a serious request of the media: PLEASE ask these Republicans how it is that we cannot afford to spend tax money, but we can afford to increase our deficits by returning revenues. Either way — given that the budget is in deficit — you are still spending money you don’t have. AND ask these guys how they can propose tax cuts without a proposal on how to either cut spending OR to replace those revenues.
EDIT: Here is the breakdown of the stimulus expenditures via the NYT —
