Derek Thompson over at The Atlantic highlights this interesting factoid about the stimulus, complete with graph:
The best explanation I’ve found for why the stimulus didn’t work is this graph from the GAO analysis of the stimulus act. It shows pretty clearly that the 76 percent of stimulus spending through the first four months went to fill in the gaping holes in Medicaid and state budgets. In other words, the stimulus isn’t acting like a pole vault lifting job creation above the baseline. It’s been acting like a crutch to keep state budgets and payrolls from tumbling.
Color me shocked. I realize there are people that think it’s a noble goal, but spending billions preserving the status quo in government over the next four months while America bleeds jobs is most certainly not the rationale given to the American people who were told there was an immediate need to railroad through an economic stimulus.