Obama’s Stimulus: Five Years of Keynesian Fairy Dust

Obama’s Stimulus: Five Years of Keynesian Fairy Dust

- in Zook
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Obama’s Stimulus: Five Years of Keynesian Fairy Dust

 

By 

The Federalist

The country just “celebrated” the five-year anniversary of the so-called American Recovery and Reinvestment Act, more commonly referred to as the “stimulus.” The White House wants us to think the legislation was a success, publishing a report that claims the stimulus “saved or created about 6 million job-years” and “raised the level of GDP by between 2 and 3 percent from late 2009 through mid-2011.”

These seem to be preposterous claims. According to data from the Minneapolis Federal Reserve’s interactive website, the current recovery (red line) is the weakest expansion since World War II. And keep in mind that this anemic recovery started in the summer of 2009, right about the same time as the stimulus was beginning. So if the President’s plan was effective, it should be apparent in the growth numbers.

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