David Biespiel Poet and writer, Attic Writers Workshop :
Deficits matter...when they matter. But we've been deficit-spending since the invasion of Iraq in 2003 (and let's not forget the budget surplus money thrown down a rat hole with the Bush tax cuts, too). The current crises is not--for self-evident reasons--like a normal recession when deficit spending above and beyond a normal budget is a fair stimulant. The economic infrastructure in this country is crumbling like a bridge--no one knows how much weight it can bear before it collapses entirely.
If the new administration suggested $700 million in deficit spending but argued we shouldn't count this as part of the annual budget, we'd think they were seriously irresponsible. But off-budget accounting is exactly what we've allowed with the $10 billion a month we've been spending in Iraq. How about we get out of budget-practice la-la land.
We can't separate the domestic budget from the war budget(s). Which is to say, the economic situation is honestly worse; we're set to borrow money off of borrowed money. Like taking out a credit card to pay off another credit card--700 times a day for seven years. But only the government can do that--and should. Leon Panetta is right at any rate: let's dole it out...but wisely, with long-term infrastructure, energy, health care, and education issues at the forefront. Let's go after our long-term problems at the same time. Let's also grow up and pay for it and stop serving up silly pablum about socialism and class warfare, while we're at it. And if one more person sings the praises of unfettered free-market capitalism, they should be sent to their room. Capitalism is good--and so is careful, thoughtful, intelligent management of it so it drives true and not, as it is right now, carreened in a ditch.