Stimulus and the Second Quarter
Larry Mishel guesses:
the stimulus' impact on [the annualized] GDP [growth rate] in this [second] quarter was about 3%. Without that the GDP decline would have been comparable to that of the prior three quarters. Josh Bivens notes this in the analysis about to go up on our web site. Particularly important were the Making Work Tax cut, the boost to retirees and to state spending, all of which show up in the GDP report...
