Did The Stimulus Work?

by Patrick Appel

Frum says no:

Obama deferred to Democrats in Congress on the writing of his fiscal stimulus. He fought for a big total, but he paid much less attention to what was included in the total. The predictable result: a stimulus that most economists condemn as very poorly designed.

New CBO numbers the complicate that argument. Jonathan Cohn summarizes:

As of June, the agency says, between 1.0 and 2.9 million more people are working because of the Recovery Act. And that figure actually seems to understates the impact. Not only did more people find jobs; more people who had jobs worked additional hours. Throwing those additional hours into the mix, CBO determined that the Recovery Act's net impact was the equivalent of between 1.4 and 4.0 million additional full-time jobs.

Last week, Dylan Matthews looked at further research on whether the stimulus worked or not.