Think Again: Obama's New Deal - By Michael Grunwald | Foreign Policy
From the article:
When it comes to the Recovery Act, the facts are on Obama's side.
For starters, there is voluminous evidence that the stimulus did provide real stimulus, helping to stop a terrifying free-fall, avert a second Depression, and end a brutal recession. America's top economic forecasters -- Macroeconomic Advisers, Moody's Economy.com, IHS Global Insight, JPMorgan Chase, Goldman Sachs, and the Congressional Budget Office -- agree that it increased GDP at least 2 percentage points, the difference between contraction and growth, and saved or created about 2.5 million jobs....
A Washington Post review of Recovery Act studies found six that showed a positive economic effect versus one useful study (by prominent Republican economist John B. Taylor) that concluded the stimulus failed -- and critics noted that Taylor's data just as easily support the conclusion that the stimulus was too small.
before Obama took office, just about everyone agreed that when the economy slumps, government can boost growth and create jobs by injecting money into the economy, whether by taxing less or spending more. In early 2008, every Republican and Democratic presidential candidate proposed a stimulus plan -- in fact, Romney's was the largest. And Republicans still use Keynesian pump-priming arguments to push tax cuts, military spending, and other stimulus they happen to support.