Sentences to ponder
This note shows that the aggregate fiscal expenditure stimulus in the United States, properly adjusted for the declining fiscal expenditure of the fifty states, was close to zero in 2009. While the Federal government stimulus prevented a net decline in aggregate fiscal expenditure, it did not stimulate the aggregate expenditure above its predicted mean.
That's from Joshua Aizanman and Gurnain Kaur Pasricha. I don't currently see an ungated copy.