True, but that can be said of basically any spending, including debt financed tax cuts. The sad thing is without the lowered taxes and increased demand, we'd be in real pain and people like J-mac and Adpst would be calling for Obama to blow the bank.Was there some short term positives, yes. The question is it woth the long term cost. We will spend about $800 billion on stimulus. That means at a normalized 5% interest rate on the 10 year it will cost us $40 billion per year forever. So many feel that the short term benefit is outweighted by the long term cost.
Eh. That's not really the big cost. Worry that your grandchildren will have to pay for $50 trillion in unfunded liabilities. The debt is minor comparatively. As I pointed out before, if Obama and Bush had spent exactly Zero dollars and increased the debt by Zero dollars, we'd still be boned.So the next generation will pay $40 billion each year so that we would have a better economy for 1-2 quarters in 2010. I think that is a lousy deal for my son.
America's unfunded liabilities are far more scary then our debt. But I have never seen a partisan ever admit this.