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A very good discussion but they assume that a dollar spent on stimulus just materializes and the only question is whether it’s well spent or just ripped off as rents for connected people. I agree that almost all government is rent seeking and that stimulus spending vanishes into specfiic pockets, but every dollar comes from the economy in the first place and if we run a current account deficit the dollar is borrowed and the net resource is imported. It is, except by accident and good luck here and there, a net loss and there is no stimulus effect from stimulus spending. Rather there is downward pressure on the economy. We need to subject all Keynesian economists to water boarding or some process to clean their brains from all that stuff they spent all those years learning. It’s nonsense at best.