John Taylor is half right on the stimulus

John Taylor: As a whole the findings summarized here provide evidence that the stimulus was not successful in jump-starting the economy or in stimulating sustained growth. Similar results were found in stimulus packages in the 1970s. Keeping a record may help us remember the lessons so we don’t do it again next time.

He gets the obvious point he made many times, the stimulus mostly offset state spending. He misses the point I have just made, the stimulus prevented the dead cat bounce we see in the 81 recession. Why no dead cat bounce? Mainly because that money sent to the states was money previously expected from the Feds, but fraudulently stolen by the Bush administration.Reagan got a dead cat bounce because our knowledge of the secstags, caused by an ill government channel, were just being learned.