Less to Expansionary Fiscal Policy than Meets the Eye...

From Paul Krugman:

Hey, Small Spender : What’s going on here? Basically, the Obama stimulus didn’t contain a lot of public works — and those works, such as they are, have only partially come on line. Meanwhile, aid to state and local governments wasn’t enough to prevent substantial cuts. So by this measure [of government purchases of goods and services:], government spending has gone nowhere.

Now, the picture looks a little different if you look at all government spending, a...