Does anyone seriously believe that the vast current level of deficit spending is anything other than stimulative? The criticism – that, because unemployment is going to crest at a higher level than first thought, the stimulus has failed to do what it was supposed to do – makes no sense whatsoever. It is akin to arguing that, because the New Orleans levies failed, they shouldn’t have been built. That’s asinine. They, just like the stimulus so far, were insufficient to fully turn aside the storm. Whatever the depth of this recession, find me a serious economist who thinks it would have been less severe without the stimulus. For the life of me, I cannot understand why Administration voices are not pushing the truth of this message.

Of the stimulus package passed earlier this year, the tax cutting part is already implemented and the spending part has just begun. If one is to draw the conclusion that the stimulus package has failed, it is only because the tax cuts, among the largest in US history, have failed to stimulate the economy. Remember that when Republicans begin campaigning for 2010.

The real success of Obama’s actions, so far, has been in restoring normal function to the credit markets in a remarkably short time. Yes, there are genuine concerns from the actions of government in the past six months (and even more so in the past six years) – more debt, higher deficits. But that the stimulus has failed is not among them.