Tuesday, September 21, 2010

Article du Jour: What You Don't Understand About the Stimulus

by Derek Thompson, The Atlantic

The $862 billion American Recovery and Reinvestment Act (aka The Recovery Act, aka The Stimulus, aka Obamanomics) was supposed to cut short the recession and create millions of jobs when the president signed it in early 2009. A year and a half later, stimulus is a dirty word, and two-thirds of Americans think the bill did nothing to help the economy, or worse.

Some of the anti-stimulus fever is understandable, and some of it is a misunderstanding. We were promised 8 percent unemployment with the stimulus, and we got 10 percent. That's frustrating. But it's also frustrating that plenty of smart people claim that the stimulus was all about government creating new powers, when it was overwhelmingly about helping states and families do old things, like pay teachers and credit card bill. (Read more)

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