Nice, balanced retrospective in the NY Post re: Team O’s stimulus and why it didn’t — in Joe Biden’s words — “drop kick” the economic recovery.
First, where did the money go?
Biggest chunk to tax cuts that were so diffused — averaging $10 per paycheck — that they were either overlooked by folks or not enough to neutralize the impact of crushing debt loads or employment uncertainty.
Next biggest chunk to bail out states’ entitlement programs — mostly Medicaid and unemployment benefits. Just kept things even, no economic boost.
Thirdly, to teacher retention. Forestalled layoffs, but only temporarily since cash-strapped localities eventually had cut-back when the Fed funds stopped coming and locals couldn’t afford.
Lastly, to the so-called shovel ready infrastructure projects. Many of those that could of mattered either weren’t really shovel ready or got caught up in government red tape — i.e. the approval & permitting process. So, spending went to silly or half-baked initiatives — e.g. turtle crossings and bullet trains.
The Homa Files 