Fox Business host Gerri Willis tallies up the various bailouts and stimulus plans and arrives at a big fat number: $7.66 trillion. That's the aggregate amount spent by the government and Fed to do everything from the Bear Stearns rescue to various levels of quantitative easing to payroll tax "holidays" (that were not offset, of course) to good old Operation Twist (look it up). These things happened under Bush and they happened under Obama and they have precious little to show for themselves:
That's a lot of money and where are we? Nowhere, as far as I can tell. Unemployment is at 7.8%, exactly where it was when President Obama came into office.
The economy is contracting, shrinking, and consumers and taxpayers say they aren't too happy. It's no wonder. All of this money out the door and much of it will have to be paid back. Our economy hasn't recovered. The stimulus spending was a bust!
For Reason's coverage of why stimulus didn't work, go here.
Willis gets a shot in at Paul Krugman at the end: "Next time you hear Paul Krugman say we need more stimulus spending, ask him: where's my $7.66 trillion, mister?"
Krugman's demand for more stimulus always reminds me of Edward G. Robinson's Johnny Rocco in Key Largo and his insatiable need for…more. Take a look (30 seconds):