It’s either Paul Krugman or the administration.
In his op-ed piece today Krugman attempts to make the case that President Obama’s economic policies really haven’t failed because they actually haven’t been implemented –
Ask yourself: What major new federal programs have started up since Mr. Obama took office? Health care reform, for the most part, hasn’t kicked in yet, so that can’t be it. So are there giant infrastructure projects under way? No. Are there huge new benefits for low-income workers or the poor? No. Where’s all that spending we keep hearing about? It never happened.
That isn’t what the administration claims. They are out every day talking about how their stimulus spending funded this project or saved that job. Both propositions can’t be true so who is lying?
I don’t want to keep you in suspense so I will just tell you – Krugman claims it’s the administration.
it has insisted throughout that its original plan was just right, a position that has become increasingly awkward as the recovery stalls.
And a side consequence of this awkward positioning is that officials can’t easily offer the obvious rebuttal to claims that big spending failed to fix the economy — namely, that thanks to the inadequate scale of the Recovery Act, big spending never happened in the first place.
I guess that means that 1.2 trillion dollars is still in the bank somewhere.