What is the sensory stimulus?

If the stimulus didn't create the promised jobs, what will?

• Before you write that the stimulus wasn't enough, just look at the list of packages from March 2008 to June 2009: March 2008: Bush stimulus $29 billion for Bear Stearns/JP Morgan Chase deal May 2008: Bush stimulus $178 billion in tax rebate checks July 2008: Bush stimulus $300 billion for distressed homeowners July 2008: Bush stimulus $200 billion for Fannie Mae and Freddie Mac September 2008: Bush stimulus $50 billion to guarantee money market funds September 2008: Bush stimulus $25 billion to Big 3 automakers September-November 2008: Bush stimulus $150 billion to AIG October 2008: Bush stimulus $700 billion to banks (TARP) February 2009: Obama stimulus $787 billion in broad stimulus package February 2009: Obama stimulus $75 billion for distressed homeowners February 2009: Obama stimulus $200 billion for Fannie Mae and Freddie Mac March 2009: Obama stimulus $30 billion for AIG March 2009: Obama stimulus $15 billion for Small Business lending March 2009: Obama stimulus $1 trillion for banks to remove "toxic assets" from their books March 2009: Obama stimulus $22 billion for Big 3 automakers Chrysler and GM April 2009: Global stimulus $1 trillion commitment from G-20 countries June 2009: Obama stimulus $30 billion to help General Motors file bankruptcy While some of this may not have actually been spent, a large percentage of it was. By any reasonable and historical count the various packages have been, in total, beyond huge. To say we need more to stimulate real job growth seems crazy to me. What say you? Try to avoid name calling in your answer.

• Answer:

  I'd say Robert Higgs research on "Regime Uncertainty" and it's role in the current "jobless recovery" is closer to correct than "the stimulus wasn't enough" argument". Excess reserves grew by over 1500% in the last three years, while real consumer spending is above pre-recession levels. If "Keynes was right" as Krugman claims, we'd see unemployment around 6-7%.