Here is his non-excerptable attempt, via Brad DeLong. Still I am not convinced. Using the Law of the Excluded Middle, yes you can get me to agree that the stimulus package is unlikely to do direct economic harm. I still see the stimulus plan in terms of larger symbolic battles. We pass too many policies just to show politicians are "doing something," just because it is an election year, just because voters think government should solve every problem, and just because politicians know that voters don’t understand any real economics. This fits all those categories. On the substance, I would add that for the U.S. "not going bankrupt" is a matter of degree. Compared to Brad or Arnold Kling, I’m still a fiscal optimist. But I’ve spent too much time reading papers on the intransitivity of indifference relations: "Just another grain of sugar in your coffee, dear. It won’t change the taste even a tiny bit…"