Via the always-informative Donklephant, an interesting analysis: are Bush's (among others') tax cuts a financially-sound way to boost the nation's economy? Blogger Sean Aqui and the Treasury Department think not.
Bush has borrowed $2 trillion and dumped it into the economy. That will certainly have a positive effect on short-term economic growth, just like maxing out a credit-card works pretty well in the short term.
But that’s the wrong way to look at the issue, because it will take decades to pay off the money he borrowed to achieve that effect — and that’s the best case scenario, where economic growth remains strong, spending grows at little more than the rate of inflation and all the additional revenue goes to debt repayment. Needless to say, the likelihood of any of that happening, much less all three, is slim at best.
Sobering stuff, indeed; read on.