It's important to avoid the if-not-for-the-worst-waste-of-money-in-the-budget-the-most-worthy-unfunded-program-would-have-been-funded argument.
Can you explain why? This seems like a perfectly normal and reasonable sort of argument about dividing a limited pool of resources wisely.
The way I understood it was that "the-worst-waste-of-money" (and possibly "the-most-worthy-unfunded-program" as well) is a label applied in retrospect. To fund the most worthy unfunded program, you'd need to unfund one of 100 programs. It's likely that of the 100 programs, one will turn out to be an abject failure, but it's hard to predict which one it will be ahead of time. Conversely, just because the unfunded program seems most worthy now, doesn't mean that earlier one could have predicted the need for it.
Noah Millman wrote:
Link (which includes additional good retrospectives) thanks to Ampersand.
This article may have more political content than is suitable for LW-- if you'd rather discuss it elsewhere, I've linked it at my blog. I've posted about it here because it's an excellent example of updating and of recognizing motivated cognition even if well after the fact.