cross-posted from Progressive Junction
Rachel Maddow's first segment last night dealt with the economic stimulus package, and it is a must see for those of you who missed it.
Look, I'm no economic expert, but you know who is?
Paul Krugman:
The good thing about federal spending is that it's actually spent, that it actually does boost the economy, and if it's infrastructure it also leaves you with something of value afterward. Whereas, if you do it the way that Republicans want to do it, which is always tax breaks, first of all, it might not be spent so it might not help the economy at all, and then you got nothing to show for it when the thing is over.
Haven't we already been through this? Conservative economics are brutal to our society. We've had to deal with Reaganomics, trickle-down, enormous tax cuts for the richest of the rich by BushCo, and just last year a $160 billion tax rebate (borrowed from our children) that according to Rep. Defazio (in the clip above) gave us 00.0625% boost for the year (.25% x .25 years). Yet we are getting hammered daily with lay offs and job losses the likes of which this country hasn't seen in 60 years.
Don't get me wrong, I still believe tax cuts do have a place in this package. Many families are struggling. And I also very strongly believe in President Obama's ability to lift us up out of this mess. That's why I donated so much time and money last year. But this?
That's roughly $300 billion. Almost double last year's rebate which would be about $1,100 per person OR take that money and INVEST it into our country, our infrastructure, our future, and job creation. That's the PROGRESSIVE thing to do.
Maybe I am extremely biased. I just lost my job in December and being unemployed, a tax cut does diddly squat for me, but a job would do wonders, and there's over 10 million people in my boat and more are boarding every day!
I'm not asking a lot. I know and somewhat agree with Obama's bipartisan consensus stance. But we did win the election. I love the road we are on, but for the love of god let's travel down this road in the LEFT LANE!
Update: This topic was discussed yesterday as well in War on Error's diary.