James Pethokoukis, who I wish had an easier name to spell, writes in “10 Good Reasons to Whack Obama’s Stimulus Plan”:
1) A 2005 study by Andrew Mountford and Harald Uhlig "analyzed three types of policy shocks: a deficit-financed spending increase, a balanced budget spending increase (financed with higher taxes) and a deficit-financed tax cut, in which revenues increase but government spending stays unchanged. We found that a deficit-spending shock stimulates the economy for the first 4 quarters but only weakly compared to that for a deficit-financed tax cut." In other words, FDR vs. Clinton vs. Reagan, Reagan wins.
Read the rest. #5 is a coup-de-grace.
James assumes, probably wrong, that stimulus is the point. Using the crisis to further Democratic political dominance is the point James. Get with the program!