Skip to main content

From the Washington Post:

Senate Minority Leader Mitch McConnell (R-Ky.) voiced skepticism today about the emerging economic stimulus plan, applying a brake to Democratic plans to quickly pass up to $850 billion in spending and tax cuts soon after President-elect Barack Obama's Jan. 20 inauguration.

"As of right now, Americans are left with more questions than answers about this unprecedented government spending, and I believe the taxpayers deserve to know a lot more about where it will be spent before we consider passing it," McConnell said in a statement, which will be publicly issued later today.

Rant on:

Let me get this straight.  A Senator who oversaw one of the largest expansions in government spending in history is now concerned about spending?  According to the CBO, total government outlays under Bush and the Republican controlled Congress from 2001 - 2006 increased from $1.8 trillion to $2.4 trillion -- that's an increase of 33%.  At the same time -- again under Republican rule from 2001 to 2006 -- the total debt outstanding increased from $5,807,463,412,200.06 at the end of fiscal 2001 to $8,506,973,899,215.23.  And now a man who helped to oversee this is complaining about spending?  Excuse me?

A note to Senator McConnell.  The equation for GDP is simple.  Here it is

C+I+E+G = GDP.  

In case you are confused, those are symbols.  Let's explains those symbols for you.

C - consumer spending.  This is now in the tank.  Personal consumption expenditures are now negative year over year.  Retailers just reported a terrible Christmas.  In other words -- 70% of our economy is out of order right now.

I - Investment.  This has been neutral for awhile.  You may be familiar with the housing bubble?  (Actually, you probably just became aware of it because you were probably saying the economy was sound until recently).  Well -  there was a housing bubble and it has crashed.  As a result, total investment has been weak for some time now.

E = net exports.  The US runs a mammoth trade deficit, so this ones out as well.

That leaves G -- as in government spending -- to pull us out of this mess.  Unless of course you like depressions you dolt.

Originally posted to bonddad on Mon Dec 29, 2008 at 02:31 PM PST.

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

skybluewater, jbou, Egg, ClaudeB, Anthony Segredo, Thumb, Alumbrados, hoipolloi, buffalo soldier, Joe Bob, ljb, Roger A, Sylv, boydog, vicki, Terri, nofundy, molly bloom, Yosef 52, Aeolus, Bill in Portland Maine, Sean Robertson, Mogolori, ryeland, Phoenix Woman, AKTup, tundraman, eugene, Kelk, ogre, alyosha, teacherken, Bendygirl, laurak, crosslark, Hell Upside Down, XOVER, Trendar, Subterranean, glitterscale, yerioy, Detlef, daninoah, CA JAY, mikeb42, Mountain Don, dcdanny, TrueBlueMajority, Danno11, sen bob, Unstable Isotope, whataboutbob, saraswati, ScientistMom in NY, emal, Reino, RunawayRose, lazbumm, scrape, Sprinkles, dengre, lobbygow, tommurphy, annalivia, donna in evanston, billlaurelMD, LionelEHutz, meg, Arlyn, shayera, gaff98, eeff, Mnemosyne, RickD, xynz, kdub, figdish, devtob, red moon dog, ZAPatty, marjo, theran, RFK Lives, lzachary, BenGoshi, CivicServant, exNYinTX, Radical Faith, Creosote, Scott in NAZ, humbucker, eyeswideopen, agoldnyc, Gustogirl, jsapn, opinionated, tyler93023, bronte17, missLotus, EricS, sponson, DickCheneyBeforeHeDicksYou, cyberKosFan, mentaldebris, wonkydonkey, Cassandra77, elveta, nyceve, OCD, nudger, ask, highacidity, bluesteel, KMc, boadicea, Cool Blue Reason, SkiBumLee, TKwow, Glic, Jeffersonian, ksh01, Scoopster, boilerman10, mkfarkus, buckhorn okie, vmibran, barath, roses, khloemi, altoid, JuliaAnn, peraspera, murphsurf, skertso, oceanspray, juslikagrzly, Miss Blue, itskevin, jalbert, oceanview, chrisfreel, mrclean, Nate Roberts, antirove, artebella, Alna Dem, CocoaLove, dksbook, wader, Anderson Republican, baad, Braindead, hhex65, psnyder, hangingchad, nancelot, danthrax, sockpuppet, TexDem, jsmagid, Dallasdoc, missliberties, bogdanmi, Sycamore, wordene, JDPITALIA, 49blue, gmb, Nina, Ophelia, laughingriver, homo neurotic, defluxion10, nika7k, betson08, snakelass, Neighbor2, Greg in TN, raster44, Pirate Smile, welshvalleymaid, Democratic Hawk, SingleVoter, Bendra, exlrrp, KateCrashes, WV Democrat, side pocket, smartgo, kfred, tomjones, JayDean, CanYouBeAngryAndStillDream, xyz, bablhous, DominoDude, rickeagle, kd texan, eztempo, Ioo, Shapeshifter, vivens fons, donailin, sawgrass727, Gowrie Gal, dvx, weelzup, Big Tex, luvmovies2000, rapala, davidincleveland, joanneleon, angrybird, Fabian, chumley, mediaprisoner, bloomer 101, historys mysteries, Bluesee, 3goldens, escapee, Tinfoil Hat, PAbluestater, Treg, TexasTom, Bensch, Ckntfld, UFOH1, BluejayRN, caul, LarisaW, revbludge, SherwoodB, relentless, ek hornbeck, Alice Marshall, mjd in florida, PBen, wizardkitten, nyc175, Superpole, grimjc, Robin7459, Clem Yeobright, ChemBob, Brooke In Seattle, scottso, Dobber, Laurence Lewis, LindaR, reflectionsv37, Byrnt, boofdah, Blissing, owlbear1, GUGA, Bill White, bleeding blue, dansk47, indiemcemopants, majcmb1, CyberDem, Pam from Calif, jorndorff, jimstaro, pandawoman, jimreyn, where4art, aaraujo, Inland, GreyHawk, ladybug53, cassidy3, optimo, brenda, blue jersey mom, lasky57, jtg, janew2, SBandini, Marcus Junius Brutus, Savvy813, wiscmass, sodalis, Riff, deepsouthdoug, dsteffen, benny05, bunsk, jilikins, Rogneid, Brian B, Lindy, Flippant, JanL, Ekaterin, ZinZen, empathy, SocioSam, Snud, simplicio, xaxnar, begone, Reality Bites Back, Philpm, SoulCatcher, Mother Mags, third Party please, elliott, Tismo70, Showman, Shirl In Idaho, snazzzybird, Thundergod, Do Tell, Compound F, myboo, DiogenesTheElder, tung sol, ferallike, BlueInARedState, andydoubtless, DemInLux, SciFiGuy, tonyahky, Ellicatt, Gorette, martyc35, jeffman, smokeymonkey, Patriot4peace, dougymi, ccmask, Triscula, Logical One, Esjaydee, Wary, madcitymelvin, carolita, Marcus Tullius, greenearth, Rat Lady, Irishkorean, Farradin, Blue Wind, SherriG, DarkestHour, tecampbell, MJ via Chicago, StrayCat, gpoutney, jasonbl, nonnie9999, gooderservice, gatorcog, Bush Bites, VegasLiberalStevo, imabluemerkin, Terminus, Caoimhin Laochdha, JVolvo, NearlyNormal, CTLiberal, bleeding heart, Preston S, el cid, nowheredesign, bunk, ER Doc, Dinclusin, MBNYC, buckinfuzzard, quantumspin, Pilgrim X, Mocha Dem, llbear, Turbonerd, Nancy Hartley, ICtheLight, CA Nana, profh, Persiflage, Roatti, Clive all hat no horse Rodeo, The Lighthouse Keeper, means are the ends, Dreaming of Better Days, kurt, Statusquomustgo, FrankieB, kurious, Snarcalita, Granny Doc, louavul, pseudopod, Hedwig, Temmoku, blueintheface, Nulwee, Aaa T Tudeattack, Unrepentant Liberal, AntKat, DrMicro, BentLiberal, DBunn, ammasdarling, old wobbly, out of left field, BeninSC, ibonewits, Cronesense, Fredly, meowmissy, Haningchadus14, Loudoun County Dem, Femlaw, dmh44, california keefer, possum, moodyinsavannah, SemDem, BruceMcF, drbloodaxe, Outrider, FishOutofWater, power2truth, vista2020, yowsta, HeartlandLiberal, noofsh, Jimdotz, Calvin Jones and the 13th Apostle, deepeco, twinpeaks, Unbozo, Strabo, bnasley, malharden, Kyle the Mainer, Rex Manning, Seneca Doane, jayden, jedennis, vbdietz, mauro7inf, DemMarineVet, TheCorkBoard, Junglered1, SeaTurtle, jnhobbs, millwood, cececville, Rumarhazzit, Aynsley, JML9999, eyesoars, stony, sable, Hens Teeth, Terra Mystica, on the cusp, Red no more, MKinTN, rogerdaddy, Spruce, Shane Hensinger, revm3up, sk4p, JeffW, Hippokleides, RickMassimo, hulagirl, TheFatLadySings, rontun, califdem, ScottyUrb, karin x, OleHippieChick, last starfighter, Youffraita, golconda2, Wes Opinion, theunreasonableHUman, Renaissance Man, OutCarolineStreet, Archangel, IamLorax, beltane, robroser, Calamity Jean, Lujane, tofumagoo, royce, pamelabrown, boatjones, Wek, pickandshovel, Jeff Y, Himself78, Dean Barker, gildareed, envwq, mofembot, Gemina13, Horsefeathers, jalenth, TL Eclipse, Jacques, Notreadytobenice, BCHS 1980, Bartlet for America, nokkonwud, xysea, Bartimaeus Blue, DixieDishrag, omegajew, dont think, Nona D Above, HoosierDeb, billybam, watercarrier4diogenes, bucadibeppo, JCAinCLE, humanunit, Johnny Venom, legendmn, 4km, satanicpanic, clent, Forbzee, maggiejean, cameoanne, SciMathGuy, malibu1964, multilee, McGahee220, Psychotronicman, no fear, cybrestrike, MufsMom, Mr Tentacle, Searching for Pericles, driftwood, Neon Vincent, fearisthemindkiller, CanyonWren, Stranded Wind, Inky99, Rabbithead, Sarge in Seattle, imchange, weltshmertz, Partisan Progressive, h bridges, jodygirl, StuHunter, SciVo, zackamac, Daily Activist, Mercuriousss, John Shade, Liam3851, zbbrox, BDsTrinity, redtex, followyourbliss, obiterdictum, zizi, ZilV, SteveP, dsharma23, badger1968, Lopez99, obscuresportsquarterly, allep10, kevinpdx, IngeniousGirl, kl5, synductive99, CityLightsLover, Muzikal203, sherijr, fitz2, reesespcs, EmmaKY, jfromga, JDog42, Essephreak, oldoregonlib, TenthMuse, SweetMartha, Colorado Billy, Larsstephens, fatherofdragonwagon, lompe, Just Bob, BigVegan, ppl can fly, coppercelt, oohdoiloveyou, TNThorpe, illinoisal, marabout40, Morus, Jampacked, p gorden lippy, GBC, flitedocnm, The Jester, skeezixwolfnagle, robertacker13, eXtina, imamish, dditt, My mom is my hero, blueingreen, quantumslip, kjoftherock, fidellio, TheWesternSun, Hoosier Al, Obamacrat, tennisjump, chrome327, Crabby Abbey, wvmom, mscharizmaa, Ronald Singleterry, AlexXx, rrouda, ATFILLINOIS, BonnieSchlitz, kinkistyle, Peyton on the Plateau, cordgrass, NY brit expat, samanthab, pixxer, ItsSimpleSimon, SlackwareGrrl, Benintn, Puddytat, JasperJohns, tellinya, j b norton, blogasita, MJinSM, orca43, shel3364, jdacal, elengul, Loose Fur, bottles, Actbriniel, newusername, mechboots, Pakalolo, xeromachine, nampa45, BrowniesAreGood, gobears2000, Colorado is the Shiznit, mysticlaker, modalrealist, DLWinMI, DupageBlue, Olon, Kharafina, curthess, xylonjay, Bodicea, ardyess, balldontlie, BillyElliott, Chuck Cook, trs, QnATL, Maribeth, Victory of Renegades, Jed Lewison, Haf2Read, zukesgirl64, comosellama, Rhode Island X, kwoll, Jenny Cash, terabthia2, Diggler, ce2008

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site