If you’re interested in a less political and more technical defense of the American Recovery and Reinvestment Act’s likely efficacy, you could do worse than to start by reading this speech from CEA Chair Christina Romer (via Mark Thoma). Something of a myth sprung up to the effect that the Obama team’s economic policy ran contrary to her research findings.
That would have reflected an odd decision-making process in the White House if true. But it’s not true. As she explains, her research, at least, indicates that conventional studies have been underestimating the likely efficacy of this sort of stimulus measure.