Economic Illiteracy of Stimulus Complaints

Steven Pearlstein writes in The Washington Post that the complaints by Republicans about the stimulus package reveal a shocking lack of understanding of basic economics.

Actually, what's striking is that supposedly intelligent people are horrified at the thought that, during a deep recession, government might try to help the economy by buying up-to-date equipment for the people who protect us from epidemics and infectious diseases, by hiring people to repair environmental damage on federal lands and by contracting with private companies to make federal buildings more energy-efficient.

What really irks so many Republicans, of course, is that all the stimulus money isn't being used to cut individual and business taxes, their cure-all for economic ailments, even though all the credible evidence is that tax cuts are only about half as stimulative as direct government spending.

Hat tip to Josh Marshall who sees the Pearlstein column as evidence that the MSM is beginning to report this nonsense for what it is on Talking Points Memo.

When you step back from the immediacy of the moment and consider just what nonsense these guys are spouting and what games they're playing while the country is legitimately in danger, it's breathtaking. All the reporters have fallen down on the job. But we maybe we can hope for more tide-turning tomorrow.

--Ballard Burgher