Ed Lazear points out that discussions of the need for a “second stimulus package” blatantly ignore the fact that Obama’s initial package was already the second one (and any new one would be the third).
How quickly we forget (or in the case of the legacy media, suppress).
By June 26, about $56 billion was spent on the stimulus from the American Recovery and Reinvestment Act of 2009, passed Feb. 17. A large proportion of that actually reflects mere transfers from the federal government to state governments, so the amount that has gotten into the economy is significantly lower.
But even if we call all of the $56 billion spending, it's still not enough to make a meaningful impact. By this point of the year in 2008, the Bush administration's tax-rebates got out about $80 billion.
Yep, the Bush administration got cash to spend back into consumers hands faster than the Obama administration got cash to spend back into … um … well … the hands of a different set of government officials.