Jared Bernstein offers three graphs that tell a story about the Recovery Act different from what you will find in Republican or Fox News circles: the stimulus worked.
As Bernstein explains:
Republicans constantly ply the talking point “discredited stimulus” in the interest of blocking any similar ideas, like some of those I expect to hear come out of the President’s jobs package. But the evidence shows otherwise. The evidence shows the stimulus (and other stimulative measures, including those of the Fed) worked, but ended too soon, before the private sector was ready to walk on its own. The evidence shows we need to do more of these sorts of policy interventions.
The charts tell a compelling story: that the stimulus worked and prevented a depression. Given how awful the economy was in late 2008, preventing a depression is an accomplishment.
The stimulus worked. Now we need another one. The President's upcoming jobs speech is, as Bernstein notes, "damn important."