My federal government spent $800 billion and all I got was 9.8% unemployment, a plummeting dollar and a deficit that will burden me and my children forever.
Christina Romer is the Chair of Obama's Council of Economic Advisors. When she was a professor at UC-Berkeley, she published research that demonstrated that the multiplier effect of tax cuts was much higher than the multiplier of deficit spending. She decided to disregard her life's research upon joining Obama's team. Now, she admits that any positive impact of the stimulus (taking money from taxpayers or borrowing it from future consumption) has mostly been felt and that it will diminish going forward. Joe Biden, the intellectual titan, said last month that the stimulus has worked "better than in my wildest dreams." Great work d-bags!
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