OK - Pay attention, because we don't have all the time in the world. If the American economy and, by extension, the global economy requires a serious economic stimulus to keep from running off the rails into a deflationary abyss, why is the GOP continuing to talk about pork, spending and tax cuts? It's because they are politically compelled to protect the legacy of Ronald Reagan. Seriously, that's all they got left.
Here's the dealio, if the Obama Administration succeeds in pushing a bona fide stimulus plan through Congress and it works, we will have a real-world refutation of Reaganomics. (Let's leave aside the question of whether Reagan actually implemented Reaganomics as an overarching economic approach. For now, suffice it to say, that is a contested claim). And, the GOP knows all they have remaining in terms of credibility or even good will with any segment of the American populace is the legacy of Ronald Reagan. OK, that, and the constitutional mandate that suit jackets be worn in the oval office - (you didn't realize that was in Article II, did you - well it is in the GOP's imaginary Constitution). That's why we have seen insane efforts by the GOP as a whole to attack the stimulus plan as "wasteful spending". If we refute Reaganomics, the GOP is outed as a group of hysteric, know-nothing econtards, with absolutely no plan for sustained economic growth. Which they are, but they have been using smoke, mirrors and bluster to hide that fact for 20 years now. This is why the talk of Reagan has increased since Obama has taken office. Much better for the GOP to hold up gauzy, sepia-toned images of Reagan than image of George W. Bush and Dick Cheney.
The "no plan for growth" thing is important. What the GOP is asking us to do is get in the back seat of a car that's in neutral pointed down a hill. They will then push the car down the hill and we are expected to refrain from taking any actual driving types of actions. No jumping into the front seat, no touching any pedals, and absolutely no steering allowed. Moreover, they want to insist, if they succeed in talking us into it, that we were stone-cold sober when we made the decision to get in the back seat of the car. See, no fault of theirs an no rational or intentional action is needed, or even permissible.
The problem with this is that in the best of economic times, any growth that comes from tax cuts results in economic bubbles of inflated valuations. It makes sense that this is comforting to the GOP because while they may not understand economics, they do understand preying one of the most human aspects of human nature, our ability to delude and lie to ourselves. So they are totally playing to their strength.
The real irony is that very little of the stimulus spending (as opposed to the financial system stabilization plan) is just not spending for spending sake. In other words, it's not "wasteful spending" it is a spending and investment plan. Our infrastructure is in woeful need of repair. So we get the knock on benefits of stuff we desperately need, and increased economic activity. The fact that this is a win-win is what makes it so threatening to the GOP.
The GOP is post post-partisan; that didn't take long at all, did it?