WSJ Says “stimulus did not work”
In the words of Iago the parrot from Aladdin, "there's a surprise! I think I'm gonna have a heart attack and die from NOT surprise." (.wav)
In the WSJ's article The Stimulus Didn't Work, the subtitle actually says it all:
The data show government transfers and rebates have not increased consumption at all.
Consider first the part of the chart pertaining to the spring of this
year and observe that disposable personal income (DPI)–the total
amount of income people have left to spend after they pay taxes and
receive transfers from the government–jumped. The increase is due to
the transfer and rebate payments in the 2009 stimulus package. However,
as the chart also shows, there was no noticeable impact on personal
consumption expenditures. Because the boost to income is temporary, at
best only a very small fraction was consumed.
I think it's time to get one of these:
Seriously, though, the only thing that worked about the stimulus was getting taxpayer money into the hands of liberal cronies. I am serious about the legacies of GWB and Obama being the opposite of what many think – GWB's will be good, Obama's will be a setback for both liberals and African Americans. Long live Clarence Thomas!