Back in July, John Kyl wished all stimulus spending would come to an end. Eric Cantor has come out today in the same vein. Why would they say such a thing?
I’d wager it’s because of the undercurrents of recovery that lead to this Wall Street Journal Headline:
U.S. Economy Gets Lift From Stimulus
You see, the real issue is that (from the GOP’s point of view) the stimulus must be seen to fail. And miserably. For the stimulus to be regarded as an unqualified (or even a marginal) success is to destroy everything the GOP has been working for. In fact, for it to be successful even in light of being rather randomly pared down to meet arbitrary “centrist” specifications would be an unmitigated disaster for the GOP heading as it is into the 2010 election cycle. Because, you see, they realize that only a fraction of the stimulus has yet become active. Indeed, witness this paragraph from the above linked WSJ:
Much of the stimulus spending is just beginning to trickle through the economy, with spending expected to peak sometime later this year or in early 2010. The government has funneled about $60 billion of the $288 billion in promised tax cuts to U.S. households, while about $84 billion of the $499 billion in spending has been paid. About $200 billion has been promised to certain projects, such as infrastructure and energy projects.
[…]
For the third quarter, economists at Goldman Sachs & Co. predict the U.S. economy will grow by 3.3%. “Without that extra stimulus, we would be somewhere around zero,” said Jan Hatzius, chief U.S. economist for Goldman.
Thus the logic for the GOP is rather simple. The stimulus is working; the stimulus Must Be Stopped. It’s the only patriotic position possible. The GOP needs that growth to be “somewhere around zero” for their 2010 campaign ads, after all.