How stimulative has fiscal policy been?

Howstimulative has fiscal policybeen?

Not much. Particularly after the initial stimulus spending came to a halt, as you can see in the figure below.

In part this is the result of GOP obstructionism, but also follows Obama’s early move to emphasize a balanced approach to the deficit and debt ‘problem,’ meaning higher taxes and lower spending. Now, it seems, the consensus is that the shutdown will fail, but that does NOT mean that there is more stimulus in the pipeline. So we’ll move to the next menace soon, the debt ceiling. Again.

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