I don't see what's so bad about saving and paying down debt.  As David pointed out, both would go toward recapitalizing the banks, which would encourage more lending - hopefully, more responsible lending than in the recent past.  If my own debt were reduced as a result of TARP, I would have called it a moderate success.  Instead, I am hopping mad that my taxes were spent to create even bigger corporations that are now waaaaay too big to fail.

It bothers me that our very survival as a nation seems more and more to depend on conspicuous consumption.  Why do I feel guilty that I didn't buy that new refrigerator that I don't need?  People will always need goods and services to carry on with life.  But, if I save now, or work to dig out of debt, while still spending on essentials and the occasional frill, I won't be relying on all of you to pay for my fishing trips when I retire. 

I can understand the reasoning for investing in infrastructure at this time, too.  It will create jobs, at least until the projects are completed - or until China calls our loans and starts eviction proceedings.  I just hope the Congress puts some thought into the purchases it will make.  This is probably a great time to invest in that high speed rail we have had our eye on as a nation.  But, alas, if the recent congressional behavior is any indication, they will just panic, spend a trillion bucks, and have nothing lasting to show for it - except an insurmountable national debt, with impossible interest payments.