Cheers for the Recovery Act on its 5th Birthday, Jeers for the Anti-Recovery Act We’ve (Implicitly) Passed in the Past Three Years
"Today marks the fifth anniversary of the signing of the American Recovery and Reinvestment Act (ARRA, or simply the Recovery Act). Passed after a six-month stretch during which the economy lost an average of 750,000 jobs each month, ARRA was the single biggest contributor to stopping the economic freefall that followed the bursting of the housing bubble. To be clear, the assessment that the ARRA contributed significantly to ending the Great Recession is not a contested opinion among macroeconomists, or at least not among those macroeconomists whose paycheck depends on correctly predicting what will impact economic activity."
