Conservatives claim the stimulus has already failed. But it has barely started.
Posted Monday, Oct. 12, 2009, at 4:10 PM ET
From the moment it passed, the $787 billion American Recovery and Reinvestment Act—the stimulus bill—has been the subject of controversy. Many critics have deemed it a debacle, since unemployment has continued to rise in the months since its passage. The Republican Party declared the bill a failure over the summer, and House Minority Leader John Boehner recently deemed it a waste: "You can't spend $800 billion of taxpayer money and not create jobs when you say that's what the goal was." At a dinner several weeks ago, I heard a cable news reporter, one whose job is to report numbers accurately, declare that "we've already spent $800 billion and it was a waste." I suppose it's too much to ask political hacks and TV reporters to get the size and timing of the stimulus package right. But I expect better from my colleagues at the Washington Post editorial page, which on Sunday argued against further stimulus measures because they would add to the scary national debt and because "the government still hasn't run through half of the $787 billion in tax cuts and spending increases enacted this year."
Some things about the stimulus are indeed complicated. How precisely do you measure the number of jobs "saved" when the federal government cuts checks to states, thus allowing them to avoid budget cuts? But some things about the stimulus are quite simple, including its size and the amount of it that has been spent so far.
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