In the most extensive analysis of the government response, in mid-2010, the economists Alan S. Blinder and Mark Zandi used a Moody’s Analytics simulation of the economy and concluded that the effects on economic growth, job creation and inflation [of the stimulus and the Fed's actions] “are huge, and probably averted what could have been called Great Depression 2.0.”
While intervention in the financial markets by the independent Fed and the Treasury – including the much vilified banking bailout that Mr. Romney also condemns – had the bigger positive impact, the effects of Mr. Obama’s fiscal stimulus package of spending and tax cuts “appear very substantial,” the economists wrote.
For example, they said, economic growth in 2010 was raised about 3.4 percent, the unemployment rate was about 1.5 percentage points lower and almost 2.7 million more jobs were created, compared with what would have happened without the stimulus.
Mr. Blinder, an economics professor at Princeton University, is a former vice chairman of the Fed and a former economics adviser to President Bill Clinton. Mr. Zandi is chief economist of Moody’s Analytics and has advised members of Congress in the Democratic and Republican Parties, including Senator John McCain in his bid for president.
Did you see that, Willard? Actual economists have determined that President Obama acted in a timely manner to help stave off disaster.
Willard would have done nothing.
Except let the U.S. auto industry die, of course.