Economy: Did the hundreds of billions spent to stimulate the economy do the job? And where did all that money go, anyway? A new report crunches the data and finds answers that are devastating for stimulus backers.
Done by Stanford University economists John Cogan and John Taylor and published in Commentary Magazine, the report is blunt in its assessment of President Obama's Keynesian stimulus package: "There was little if any net stimulus."
Worse, say the authors, the White House with its bevy of hip Keynesian-leaning economists should have known it wouldn't work. "The irony," they write, "is that basic economic theory and practical experience predicted this would happen." In other words, the Obama camp should have known better.
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