Explaining the Stimulus (or Not)

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Paul Krugman’s column yesterday offered an important reality check on political cant about the economic stimulus plan Barack Obama signed last year: more than 40 percent of the stimulus, Krugman reminds us, consisted of tax cuts. (It’s a little surprising that Obama doesn’t hit this point more often. According to PolitiFact, after all, he can accurately say that the stimulus cut taxes for 95 percent of American working families.)

For more detail, check out this handy NYT breakdown of how the stimulus was spent based on Congressional Budget Office data. And here’s Michael Grunwald’s memorable story for us about the dramatic impact the stimulus is having on America.

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