This is a professor of Economics, in one of the places that caused it all, continuing to not allow math to be applied to current economics.
The $50.0 tril. plus, Great Socialist Total Credit Market aside, there is this from the OP link:
"Most of the earlier spending was a very short-term response to long-term problems. One piece financed temporary tax cuts. This was a mistake, and ignores the role of expectations in the economy. Economic theory predicts that temporary tax cuts have little effect on spending. Unless tax cuts are expected to last, consumers save the proceeds and pay down debt. Experience with past temporary tax reductions, as in the Carter and first Bush presidencies, confirms this outcome."
Nearly half of U. S. federal income tax filers have no liabiity to pay. The Refundable Tax Credit is still in place, and spending is on the increase. Personal Income is on the increase. People who desperately needed the $800.00, actually got it. For the rich, $800.00 barely buys one share of some stocks.
"Another large part of the stimulus went to relieve state and local governments of their budget deficits. Transferring a deficit from the state to the federal government changes very little. Some teachers and police got an additional year of employment, but their gain is temporary. Any benefits to them must be balanced against the negative effect of the increased public debt and the temporary nature of the transfer."
It is slowly being conceded that funding the people who caused it all: Makes no sense. This is the "Preservative" Part of the Stimulus that actually preserved the arithmetic problem of the cause.
"The Obama economic team ignored past history. The two most successful fiscal stimulus programs since World War II—under Kennedy-Johnson and Reagan—took the form of permanent reductions in corporate and marginal tax rates. Economist Arthur Okun, who had a major role in developing the Kennedy-Johnson program, later analyzed the effect of individual items. He concluded that corporate tax reduction was most effective."
That paragraph is about the Mediocre Myopia that is all about the article, linked in the OP. People are not paying any federal income taxes, and corporate tax rates have been getting cuts for years. A long time ago, Corporate income taxes were upwards of 30% of the federal take. Now it's closer to 10% of the federal take, and half the individual federal income tax filers actually owe nothing. 10% of less is still next to nothing.
"Another defect of Obamanomics was that part of the increased spending authorized by the 2009 stimulus bill was held back. Remember the oft-repeated claim that the spending would go for "shovel ready" projects? That didn't happen, though spending will flow more rapidly now in an effort to lower unemployment and claim economic success during the fall election campaign."
So the "Double-Diippers" think that the Stimulus was spent, and the rest of the world thinks that it's getting spent this summer. Anyone sees the "Invisible Hands" and minds of economists at work! Cash for Clunkers was toward the beginning. The Refundable Tax Credit went into effect. Public Works failed to happen. Stage and Local governments now do have less business to tax, that should have been available in public works--instead of bailing out state and local governments!
"In his January 2010 State of the Union address, President Obama recognized that the United States must increase exports. He was right, but he has done little to help, either by encouraging investment to increase productivity, or by supporting trade agreements, despite his promise to the Koreans that he repeated in Toronto. Export earnings are the only way to service our massive foreign borrowing. This should be a high priority. Isn't anyone in the government thinking about the future? "
So the Euro is falling, helping with imports--and those who sell and service imports--and the yuan is rising, helping with exports and those who make and ship the exports. That is not nothing, and took some prodding. The Euro-Socialists had done the largesse-as-usual social spending. Now they have basis to pay it back. The Asian Socilaists now want more of what there is to have, starting with nothing, but now with more spending power!
Mainly, especially Conservative Economists just very certain that nothing much has happened, even to 1/3 of the planet's populations, and well over half of the one's with any usable money.
Kenya, Haiti, and Bangladesh--Somalia and others--are not in scope, even now. Mostly that goes unnoticed, even in the GDP kinds of discussions, left, liberal or conservative.
"Crow, James Crow: Shaken, Not Stirred!"
(Middle ground discussions are representated in the OP link, aka Myopic, Muddled, and Confused!)
