No, the Stimulus didn't work

Jared Bernstein, former Executive Director of the White House Middle Class Working Families Task Force  tries to make a case that the stimulus worked.  Or, more precisely, he states that it did exactly what it was supposed to do, which by definition means it worked.  Mr. Bernstein needs to re-examine his own evidence.  Here's why his conclusions are wrong. Right off we know it did not do what it was supposed to do.  According to the NY Times, Obama said the stimulus would create or save three million to four million jobs, nearly 90 percent of them in the private sector.  It didn't come close. It was supposed to create enough jobs to bring the unemployment rate down below 8%.  That didn't happen.  And if we count the people who gave up (who might not have given up if the jobs picture been better) the number is even higher. There.  That settles it, right?  Stimulus did not do what it was supposed to do. But wait.  To be fair,...(Read Full Post)