Unfortunately, it didn’t quite work as claimed. I would’ve written “as planned,” but that gives far too much credit to the Naif in Chief. The Stimulus wasn’t “planned.” Money was thrown out there, in the hopes that some might stick. Little did.
The chart (via Veronique de Rugy) tells the tale: the Stimulus did not achieve any reduction in unemployment, in this, its third year. Given the actual data, as against Obama promises (which have a sell-by date the day before they’re made), Obama’s just-concluded appeal for another half-trillion or so more stimulus is…interesting.
Blame the Republicans for not repeating the trillion-dollar mistake of the original Stimulus. Not to worry. Obama will blame everyone and everything, including fat-cat, private-jet owning plutocrats. He will blame earthquakes, hurricanes, and tsunamis.
He will never, however, blame himself. That would require some humility, an ability to admit error and start over. And humility is one virtue that has entirely bypassed Obama.