The stimulus should have been bigger and more ambitious, and deserved more than one round of investment. But the fact remains that the derided Recovery Act turned the economy around. An economy that was shrinking started growing, and an economy that was hemorrhaging jobs started adding jobs, because of this one piece of legislation. Republicans, reporters, and even the American mainstream may find these facts inconvenient, but the truth is stubborn.
Facing the greatest economic crisis in generations, the nation was effectively left with two choices early 2009: the Democratic stimulus or the Republicans' proposed five-year spending freeze. We're all very fortunate the latter was in the minority.
Steve Benen, on the CEA's latest report on the effects of the stimulus on the economy:
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Originally aired on March 14, 2013