I Guess Tax Cuts Aren't Wasteful Spending?
OK, so the Bush tax cuts might not be considered "spending"; it's more of a money giveaway to the wealthy that helped get us where we are now. But if the GOP is so annoyed by the size of the stimulus package, they clearly must have selective memory.
The total cost of the stimulus bill is in the $800-$900 trillion dollar range right now. Big number, sure. I don't need anyone to show me how big it is, Senator Thune.
But what about the total cost of the Bush tax cuts? Try twice the amount of the stimulus bill. And the total cost if (for some reason) they were extended through 2018? Try $4.4 trillion.
A lot of you may already know these numbers, but I figured I'd put some things in perspective--namely, the fact that it took a dumb idea worth twice the size of the stimulus package to screw up our economy.
If the Republicans want to criticize others for wasting money, maybe they should look in the mirror.
The total cost of the stimulus bill is in the $800-$900 trillion dollar range right now. Big number, sure. I don't need anyone to show me how big it is, Senator Thune.
But what about the total cost of the Bush tax cuts? Try twice the amount of the stimulus bill. And the total cost if (for some reason) they were extended through 2018? Try $4.4 trillion.
A lot of you may already know these numbers, but I figured I'd put some things in perspective--namely, the fact that it took a dumb idea worth twice the size of the stimulus package to screw up our economy.
If the Republicans want to criticize others for wasting money, maybe they should look in the mirror.
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You would think...
February 5, 2009 7:52 PM | Reply | Permalink
Why do you say that the Bush tax cuts are a money giveaway to the wealthy?
February 5, 2009 8:59 PM | Reply | Permalink
Why do you say that the Bush tax cuts are a money giveaway to the wealthy?
Because it gives them money that belongs to the government. You see, all money belongs to the government, and anything the govenment does not take in taxes is a gift to us. Haven't you been listening?
The total cost of the stimulus bill is in the $800-$900 trillion dollar range right now. Big number, sure. I don't need anyone to show me how big it is, Senator Thune.
But what about the total cost of the Bush tax cuts? Try twice the amount of the stimulus bill. And the total cost if (for some reason) they were extended through 2018? Try $4.4 trillion.
I think that in calculating costs, it would make more sense to see what they would cost over 1 year, 2 years, 3 years. If the stimulus lasts for 3 years and the tax cuts for 8, then how much would each cost the first year, the second year, the third year?
February 5, 2009 10:34 PM | Reply | Permalink
I found a couple of links from CNN Money and Media Matters.
If you count interest, the stimulus could cost $1.2 trillion over ten years, still less than the Bush tax cuts (and a bit less still if you consider inflation). But this is assuming the money is spent as planned. I don't really know how fast the money will get spent--particularly with infrastructure projects. It can take a long time to design something before it can actually be built, and I don't know how many "shovel-ready" projects there are, especially those that would have an immediate impact. As another side note, I read a recent Time article citing a list of infrastructure projects in Missouri--and NONE of them are in St. Louis.
The massive deficits that are coming are bugging me too. Can we actually start paying it down within the next few years?
February 5, 2009 11:51 PM | Reply | Permalink