The experts I most often turn to (Paul Krugman and, um, Paul Krugman and whoever confirms Paul Krugman) said the stimulus was too small, but acknowledged it may have been politically impossible to do otherwise.
I think it's significant that Summers is talking another one.
Here's a somewhat lengthy analysis. Key quote:
“We’re about to see a big national experiment on stress.”You've probably already heard all about most of the social and economic fallout among various sectors of our population. I read all four pages of this thing and there wasn't a single fact that was new to me.
So let's just jump to the end:
Concerns over deficits are understandable, but in these times, our bias should be toward doing too much rather than doing too little. That implies some small risk to the government’s ability to continue borrowing in the future; and it implies somewhat higher taxes in the future too. But that seems a trade worth making. We are living through a slow-motion social catastrophe, one that could stain our culture and weaken our nation for many, many years to come. We have a civic—and indeed a moral—responsibility to do everything in our power to stop it now, before it gets even worse.
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