As far as our economy goes, money spent sending troops to fight in Iraq and Afghanistan is sunk cost. There are non-economic reasons to spend that money, but from a purely economic perspective, its a pretty dumb move with a massive price tag.

Tax cuts are a mixed bag. Economically, the hope is that the money saved from tax cuts gets put directly into our Economy, thereby improving our financial health. The Reagan years proved it doesn't always work out that way, though.