The scene is a familiar one: a Democratic president pushing through an economic stimulus in an attempt to counter a dramatic recession.
- New Statesman
Twelve years ago, during the financial crisis, it was Barack Obama’s $787bn bill (5.5 per cent of GDP) that was passed by the US Congress.
Although the emergency fiscal support appeared prodigious at the time, Keynesian economists warned that it was inadequate to meet the scale of the challenge.
And so it proved: the US economy endured its slowest recovery from a…