Today is the one-year anniversary of the landmark stimulus bill which most economists agree has staved off a second Great Depression. The evidence that the stimulus has worked is overwhelming – the New York Times has an in-depth article looking at its actual impact on jobs, and an indispensable graphic showing a timeline of key economic indicators before and after its passage. There’s another beautiful chart based on job loss data from Dec 2007 to Jan 2010 which also makes the impact of the stimulus crystal clear. The recognition of the stimulus’ success isn’t just data-driven – Republican lawmakers who have publicly denounced it for political gain have been quietly and hypocritically scrambling for stimulus money for their districts – as documented by the Wall Street Journal and by the Washington Times.
The only real flaw in the stimulus bill was that it wasn’t big enough . . .
Aziz, Aziz, Aziz. Where do we start with this?
- How about the leap from “most economists agree” to the sole source of his authority for this breathtaking proposition–”the New York Times has an in-depth article . . .” That’s it. I don’t even have to find economists who don’t agree and with this and try to figure out whether they are or aren’t “most”–Aziz thinks the New York Times is actually a trustworthy source for this preposterous statement. That actually tells me, in contrast, that the entire remainder of his article is not worthy of reading, because Aziz, who is not an economist, is not making a serious attempt to objectively see if his central premise is correct.
- Then there’s the fact that “most economists” didn’t agree what ended the first Great Depression until about 20 years ago (it wasn’t the New Deal, by the way). The idea that “most economists” would agree “the landmark stimulus bill . . . has staved off a second Great Depression” –and that they would have nothing to say about a trillion dollar deficit that has resulted–is, to any serious student of economics, truly laughable.
- And what exactly do “all economists” say? Read More..