Track Record January 11, 2010Posted by Dwight Furrow in Dwight Furrow's Posts, politics.
Tags: Republican economic policy, stimulus package
Most Republicans were opposed to the stimulus package signed by Obama last year and, according to some polls, the public also has its doubts. But the people who measure such things agree that it prevented a deeper recession and has contributed to growth.
The American Enterprise Institute is a conservative outfit but even they grant that the stimulus package was effective. Via Jon Chait:
The real economy … responded to the massive stimulus but remained heavily dependent on it. In the United States, growth during the second half of 2009 probably averaged about 3 percent. Absent temporary fiscal stimulus and inventory rebuilding, which taken together added about 4 percentage points to U.S. growth, the economy would have contracted at about a 1 percent annual rate during the second half of 2009.
As Steve Benen noted last week:
The GOP said the stimulus package would fail to create jobs. We now know the Republicans were wrong.
The GOP said the recovery efforts would fail to generate economic growth. We now know the Republicans were wrong.
The GOP said the stimulus “failed.” We now know the Republicans were wrong.
The GOP said the government should cancel unspent recovery funds. We now know the Republicans were wrong.
The GOP said tax cuts are more effective at stimulating the economy than government spending. We now know the Republicans were wrong.
Had Republicans been in the majority a year ago, the results for the United States and the global economy likely would have been devastating. That GOP officials and their allies continue to pretend otherwise serves as a reminder of just how little role reality can play in our discourse.
For political commentary by Dwight Furrow visit: www.revivingliberalism.com