16/01/03 18:04:17.02 6Swt1QA+.net
1. Actual stimulus was only modest-sized and short-lived, as I documented
in my previous post.
2. Since 2010, the distinguishing feature of fiscal policy has been
how contractionary it has been compared with previous experience.
That’s not just me talking; it has been repeatedly documented by the IMF
and others. Here’s the simplest indicator, government employment
after the last two recessions:
（原文サイトの図表は省略）
That spike in 2010, by the way, is temporary hiring for the Census.
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