Dear Editor: It would be amusing if it were happening in another country. I refer to the complaints of conservative politicians about the enormous cost of the $1.9 trillion economic stimulus package. Enormous it is, but according to conservative sources such as Forbes magazine, that $1.9T is less than either the Republican stimulus in 2020, or the cost of Republican tax cuts for the super-rich.
The real difference is this: Republican relief is targeted at the super-rich who only spend five percent of their incomes on goods and services that stimulate the economy. Democratic relief is targeted at people who spend 95 percent of their incomes on goods and services.
Do Republican politicians really care about the national debt they keep fussing about? What really matters is the ratio of the national debt to the gross domestic product. (That's like saying what matters isn't just how much debt you have, it's how much debt you have compared to your income.) Since the Nixon administration, every Republican administration has increased the debt to GDP ratio, and every Democratic administration has decreased it. It's the Democrats who have been economically responsible.
Giving money to the super-rich does not create jobs or stimulate the economy. It is the Federal Reserve's job to see to it that there is enough money in the banking system to sustain economic growth. Companies in need of capital get it from banks, not the super-rich. The super-rich expect too great a return on their investments (which they get, for the most part, by buying existing companies not creating new ones).
$1.9 trillion is simply the smallest stimulus needed to prevent another recession like that of 2008.