Economy

Chart of the Day

New debt projections from the CBPP, confirming that if the Bush tax cuts are renewed in 2012, the cuts will be the largest contributor to the national debt by 2019.

The chart is also a fine illustration of the Republican "starve the beast" strategy. By ballooning the debt with something that's very difficult to roll back (tax cuts are generally popular), they force cuts in programs that are easier to demagogue. So things like the light blue area -- the recovery measures -- will be rolled back instead.

And what have we witnessed over the last six months or so? No more stimulus, but the tax cuts were renewed. The liberal Democratic spending beast was starved by Republican spending.