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From Professor John B. Taylor of Stanford University:
Professor Taylor is not a big fan of those who claim the 2009 stimulus was successful and want more of the same:
As the 2012 campaign season gains steam we are beginning to hear the same economic claims we heard two years ago during the mid-term election. In 2010 much of the debate was about (1) whether the 2009 stimulus package was a success or a failure, and (2) whether the large deficit and rapidly growing federal debt were nothing to worry about or a serious danger. At least as indicated by the outcome of the 2010 election, those who argued the failure and danger side carried the day, with increased stimulus spending, growing debt and a slow economy at the top of voters’ concerns, which resulted in an unprecedented political shift in Congress. In my view, the economic facts were also consistent with the failure and danger position, and are even more so today.
Nevertheless, the same old claims that the debt-increasing stimulus was a success are being made again. In my view they should still be challenged and debated. An example was on yesterday’s ABC’s This Week, where Steve Rattner claimed that there is a bipartisan consensus of economists that the 2009 stimulus was a success, referring to a 2010 working paper by Mark Zandi and Alan Blinder as evidence. Rattner’s claim went unchallenged on the show, but it should have been challenged because it is false. [full article]RELATED: