Stimulus Cost More Than Gained
 

On Tuesday, Congressional Budget Office director Doug Elmendorf testified before a Senate committee that while the roughly $800 billion spent on the "stimulus" created an initial boost to GDP, the level of GDP will "be a little lower at the end (of the decade)" than it would have been without stimulus. It's the economic equivalent of a hangover -- after a party that wasn't very much fun to begin with. He also conceded Senator Jeff Sessions' (R-AL) point that ongoing interest payments on the stimulus's deficits would create a "continual negative" and a "continuing drag" on GDP "if no other action were taken."

For those who defend stimulus money: what do you have to say now?