The Stimulus Tragedy - NYTimes.com

The nation's budget and your household budget do not operate by the same rules.  Thinking that it does has buttressed deficit reduction mantras that have retarded, not spurred recovery. Krugman explains how he was right, Obama mostly right, and the deficit hawks utterly, tragically wrong. - GWC
The Stimulus Tragedy - NYTimes.com:
by Paul Krugman

Five years have passed since President Obama signed the American Recovery and Reinvestment Act — the “stimulus” — into law. With the passage of time, it has become clear that the act did a vast amount of good. It helped end the economy’s plunge; it created or saved millions of jobs; it left behind an important legacy of public and private investment.

It was also a political disaster. And the consequences of that political disaster — the perception that stimulus failed — have haunted economic policy ever since.

Let’s start with the good the stimulus did.

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