An interesting piece from Robert Samuelson of The Washington Post:
“It’s worth
remembering that China essentially did what American critics suggest we should
have done — and should do now. China launched a huge stimulus program in 2008
(bigger than ours relatively) of public-works spending and industry investment.
This did shield China from the worst of the crisis. But it didn’t solve China’s
underlying economic problems, which are now worse for having festered.”
The Economist on
fiscal multipliers:
http://www.economist.com/news/economics-brief/21704784-fiscal-stimulus-idea-championed-john-maynard-keynes-has-gone-and-out