As George F. Will describes it, President Bush gave us Stimulus I: $168 billion, when unemployment was 4.8%. Then President Obama gave us Stimulus II: $787 billion, when unemployment was 7.6%. Without it, we were warned, unemployment would reach 10% in 2010. Well, here we are in the middle of 2009, Stimulus II did pass, and the unemployment rate is 9.5%.
Does that mean we need yet another economic stimulus bill, as many people are calling for? Or does it mean that stimulus bills don’t work?
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