This stimulus is actually the deal on the extension of the Bush tax cuts announced earlier today (technically yesterday) by President Obama. Key quote from the New York Times article (emphasis mine):
"The package would cost about $900 billion over the next two years, to be financed entirely by adding to the national debt, at a time when both parties are professing a desire to begin addressing long-term fiscal imbalances."
Oh, that's right. I forgot that it's not deficit spending if you spend it on the crap you want to buy. I get it now Republicans! See, if Democrats want to use the country's credit card to buy some construction workers to fix a bridge, that's deficit spending. But if Republicans want to give more money to millionaires with the country's credit card, money that in all likelihood those millionaires will save. That money comes from a special magic Republican fund that doesn't come from borrowing!
Remember folks, you only have to find a way to pay for a program if it affects someone who might actually need the money, like unemployment insurance extensions for those laid off during the great recession (those lazy bums) and food stamps (if more poor kids are starving, they might be more motivated to find work, right!?).
Now that I'm done with my little rant, I actually think the deal President Obama got on the "Bush tax cuts" is probably the best he could get considering the circumstances. And if you remember, this deal between the President and Republican leadership, I advocated for earlier on this blog (it's actually former OMB director Peter Orzsag's - but I'll take the credit). And if this deal helps pave the way for the ratification of START and the repeal of Don't Ask, Don't Tell, then overall I think it was the right thing to do. Losing some important chess pieces in order to control the rest of the game is worth it.
Hello world!
2 years ago