You really do have to look at these results which I have taken directly from the Powerline blog which has taken them directly from a report titled, “The American Recovery and Reinvestment Act: Public Sector Jobs Saved, Private Sector Jobs Forestalled” by two economists, Timothy Conleyy and Bill Dupor. (Conleyy is, I might add, from my old alma mater, the University of Western Ontario, the Chicago of the North, as we used to call it.) Their conclusion is in paragraph form but here I will leave the most salient parts as a series of dot points, each one of which needs to be contemplated in full to appreciate the extent to which the Keynesian stimulus was an unparalleled economic catastrophe:
This paper uses variation across states to estimate the number of jobs created/saved as a result of the spending component of the American Recovery and Reinvestment Act (ARRA)….
We estimate the Act created/saved 450 thousand government-sector jobs and destroyed/forestalled one million private sector jobs….
The majority of destroyed/forestalled jobs were in growth industries including health, education, professional and business services.
Keynesian theory causes great harm and does no net good. It’s not as if any of this goes against common perceptions of what’s been going on over the past two years. If you cannot see it yet you probably never will, but it won’t be for lack of evidence.