Over the weekend Dr. Krugman blogged some more about the shortcomings of my analysis of Keynesianism. He was responding to a WSJ piece by me. Simon Constable of Dow Jones is making a video editorial today too.
The real issue is whether the stimulus will stimulate enough to offset whatever damage it does and whatever other activity it precludes. My friend Bruce Bartlett had a strong piece in the New York Times about how stimuli are almost always late. The story was the same from November, 1948, on. In that instance, the stimulus was enacted the same month in 1949 that the recession ended.