When the housing bubble popped in 2007 and financial mayhem ensued over the next two years, revenues to the federal and state governments dried up. This has produced untenable budget situations as states struggle to keep spending at pre-financial crisis levels. “Stimulus” has been justified in part to give the economy the juice it needs to restore growth, which in turn would promote higher revenues.
“We need a big stimulus package that will jolt the economy back into shape,” said Barack Obama on January 2th, 2009.
The trouble is that it just has not happened.
The American people are still waiting for this fabled recovery. With growth slowing to 1.7 percent in the second quarter and unemployment remaining unacceptably high, the long-awaited recovery has now become an article of faith on the Left. It has become akin to the belief that the end times will come in our lifetimes.
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