Stimulus Didn’t Stimulate

Interesting piece in the Wall Street Journal by three economists on the effects of the federal “stimulus” to date.  The authors find, not suprisingly, that the stimulus has not led us to economic prosperity. Here is the conclusion they draw:

Incoming data will reveal more in coming months, but the data available so far tell us that the government transfers and rebates have not stimulated consumption at all, and that the resilience of the private sector following the fall 2008 panic not the fiscal stimulus program deserves the lion’s share of the credit for the impressive growth improvement from the first to the second quarter.