Quote:
Originally Posted by sgtclub
Them are the facts. We spent $850B under the rationale that if we did, unemployment would not exceed 8%.
|
Yes, because macroeconomic forecasting is iron-clad and every forecast is a promise upon which you can bank.
Why did you feel the need to obtuse in this particular way?
Quote:
|
It was sold as a jobs bill. It did not deliver. Crunch the numbers however you like.
|
Things were worse than they thought at the time, and the states reacted more strongly than they expected, thus it didn't work. Brilliant.
Although, honestly, it wasn't that things were worse than they thought, it's that they got the best deal they thought they could get out of Congress (thanks, Sen. Nelson!), rolled it up with a whole bunch of hope and optimism, and pretended like the deal they got was just right!
I read something just today, which I cannot find at the moment, about how all of Obama's economic advisers (I take that to mean Summers and Romer, btw) told him the stimulus was too small but they went with what they could get.
