The New Republic Online: Too Rich

In 2001, President Bush successfully sold a $1.6 trillion tax cut by promising that it would not preclude generous increases in social spending and a virtual elimination of the national debt. Early in 2002, those promises were already coming undone. But did Bush scale back his tax cut? No, he persuaded Congress to pass an additional $114 billion in business tax breaks as "economic stimulus." Now, with the federal budget deep in debt for years to come and the administration still facing the potential costs of a war with Iraq and a prescription-drug benefit, you might think Bush would seek to restore a semblance of fiscal sanity. Instead, he is demanding yet another $674 billion in additional tax cuts.

Of the many dishonesties surrounding Bush's latest economic stimulus plan, undoubtedly the most important is the notion that it is, in any meaningful sense, an economic stimulus plan.

"Doing something about the economy" is good. "Obstructionism" is bad. Bush's opponents fear that if they stymie action, the public will blame them if the economy sours further. But Congress has already given Bush two tax cuts, neither of which contained much economic stimulus and neither of which has shown signs of sating his appetite for lowering taxes on the rich. Eventually, those who care about fiscal responsibility are going to have to deny Bush his tax cuts. Now is as good a time to start as any.