Nope, don’t think so.
Although I don’t think the stimulus package is overly harmful, it would have been better to not pass it than to give the government the opportunity to take credit for the recovery it has less than nothing to do with. This is what they’re saying now:
“We always knew we were not going to get all that much fiscal impact during the first five to six months. The big impact starts to hit from about now onwards,” Romer said.
How utterly convenient! The big impact of the stimulus coincides with the consensus economic recovery. I hope we don’t let them get away with that. So, they passed this stimulus super fast so it could help when the economy is already ramping up? This is always the problem with stimulus: the argument for it is to be counter-cyclical by having the government spend money in the troughs of the economy. What ends up happening is by the time any of it kicks in, the economy is already in an upswing, so the stimulus becomes pro-cyclical, making the peaks and troughs more extreme. It is political genius to continually change what the original intent was, thereby making you right in the end. I’m afraid there are many people out there who are ready to except this outcome at face value and there are so few who are willing and able to call the administration on it. We can’t let them fool us!