A Few Rebuttals
From the left: “He should have pushed for a much bigger stimulus in 2009.”
ThatÂ’s the view of New York Times columnist Paul Krugman, now gospel among liberals. ItÂ’s true economically but bears no relationship to the political truth of that period. Consider that in December 2008, Pennsylvania Governor Ed Rendell, a hardcore liberal Democrat, proposed a $165 billion stimulus and said he would be ecstatic if it went to $300 billion. President- elect Obama wanted to go over $1 trillion but was told by House Democrats that it absolutely wouldnÂ’t pass. In exchange for the votes of three Republicans in the Senate he needed for passage, Obama reduced the stimulus to $787 billion, which was still almost five times RendellÂ’s number and the largest amount that was politically possible.
From the right: “The stimulus and bailouts failed.”
When Obama took office, the economy was losing about 750,000 jobs a month and heading for another Great Depression. The recession ended (at least for a while) and we now are adding several thousand jobs a month -- anemic growth, but an awful lot better than the alternative. How did that happen? Luck?