I guess the second problem with a stimulas package that delayed most the spending until after the recession is that the effects will drag on and on. 12% of GDP, completely and utterly unsustainable.
The only question is, when will the bond markets put an end to it all? If there is one thing we have learned in the last couple of years, no entity maintains control of itself when its debt burden becomes too large. The democratic desires of the people will mean very little in the not too distant future. The desires of bond investors will control our politics.
I strongly recommend the following paper:
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