This time, by Harvard's Dani Rodrik.
Dani quotes a former student (now at the ILO) on stimulus sizes from around the globe. The US stimulus is listed as "5.5% of GDP"! If only that were so...
So Thorstein wrote:
The US stimulus is nowhere close to 5.5% of GDP... That's off by nearly an order of magnitude... The stimulus is over three years, not one -- that makes it 1.8%. Secondly, half of it is just plugging the state and local budget shortfalls, so the net size of the US stimulus is perhaps 1% of GDP at best...
Dani, you've got to start butting back on this wingnut stuff a little harder...
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