It is important to keep in mind the dire condition of the economy when the stimulus passed. It was hemorrhaging jobs at the rate of hundreds of thousands per month. During President Bush’s last full month in office, December 2008, the economy lost 779,000 jobs. More jobs were lost that month than in any other single month in the previous 60 years. The GDP, the measure of all economic activity in the country, dropped by an unprecedented 9 percent in the final quarter of 2008.
The stock market took an enormous hit, along with the values of people’s homes and other financial assets…
Starting in April 2009, shortly after the stimulus was enacted, the outlook began to improve. The economy began losing fewer jobs per month and eventually started gaining jobs each month. In January 2012, the economy added 243,000 jobs. GDP in the final quarter of 2011 increased at a rate of 2.8 percent. Private-sector layoffs are now well below pre-2008 crisis levels. The stock market stabilized and there are now some signs of improvement in the national real estate market.
By all those factual economic measures, the stimulus was successful.
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