When people ask why the Obama stimulus didn’t accomplish more, one good response is to ask, what stimulus? Leaving aside the cost of financial rescues and safety-net programs like unemployment insurance, federal spending has risen only modestly — and this rise has been largely offset by cutbacks at the state and local level. Many of these cuts were forced by Congress, which has refused to approve adequate aid to the states.
But Mt. Krugman show know but is too stupid to ask...
One reason the stimulus did not work is that...we don't have the money, after running modestly high deficits which were wrong in the first place, now the Obama's administration and Liberal congress is trying to stimulate the economy with our childrens, childrens money. We don't have the juice Paul. And the states, more responsible and sensitive (non Liberal ones) are using the borrowed money to pay off the debt.
Now picture bloggers, if a tax holiday had been created during the fiscal crisis. And folks withour government waste and manipulation a been allowed to keep and invest their money. Man, we would be in fat city.
But no, now we need to double down on...let's pause here for effect...bridges. Yes, that is the way our of this mess, help the folks build bridges, that will help with the trade and education deficit, that will help with unemployment over the long term. That will start the next Microsoft or Google.
What dopes. They deserve the beating coming their way.