Matthew Yglesias » Home Page: "the real dynamic of the debates here are that many people on the left hope and many people on the right fear that the coincidence of a major economic meltdown occurring shortly before an election in which progressive candidates did very well can lead to a lasting change in the policy environment. After all, when you engage in some temporary deficit spending the deficit could be temporary in two ways. The spending could vanish. Or taxes could be raised. Progressives hope, and conservatives fear, that much of the new deficit spending will prove popular and anchor expectations about levels of federal services.
This hope/fear is extremely realistic. It seems very unlikely to me that all of the American Recovery and Reinvestment Act’s spending increases will actually be undone when the legislation expires."
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