I think that the costly wars and the Bush tax cuts were both debacles for the economy. They have made us a hole that is treacherous to get out of. There will be a great deal of pain no matter what route we get placed upon.
The wars will cost us for decades as the troops who are injured will need care from now on. As much as Obama has been railed for the health care passage, I would think that he had enough in his mind to assist the troops and keep the costs in line somewhat with that bill.
However, if the neocons get their way, we will be fighting in Iran very shortly and adding to the deficit again for no reason. No money for bridges without complaints, but plenty for war and nation RE-building in other countries.
Foreign aid; the biggest single wealth distribution mistake this nation makes. Taking money from working people here and giving it to rich people in other countries.