Fiscal policy: Fiscal policy failure or failure to try fiscal policy? | The Economist
THAT Barack Obama's attempt at massive fiscal stimulus failed is an article of faith among some of the president's critics, not least because America's unemployment rate ended up rising well above forecasts produced by administration advisers in the months before Mr Obama's inauguration. This analysis misses the important point that the Obama adminstration pushed for a smaller (and in their view more politically viable) bill than economic conditions at the time seemed to call for, and economic conditions at the time dramatically understated the severity of the recession. It also ignores the fact that for much of the stimulus' life, it primarily served to counteract the effect of deep cuts to state and local government spending. Paul Krugman directs us to a Goldman Sachs report on the path of fiscal policy, which includes this chart:
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