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This deserves an extended comment, but perhaps someone else can flesh it out.

I think it was Jerome? who produced a similar analysis for the UK (compared to France) which showed Gordon Brown has presided over a similar situation.

Perhaps Drew or someone can correct me, but to some degree this is sensible Keynsian type stuff at work? Smoothing the employment valley with government spending?

But at the same time, it's important in my view to emphasise that:

  1. Perhaps things could have been organised better? (e.g. are bombs really the most productive use of these government created jobs? Could the stimulus have been more effective if directed using different policy instruments?)

  2. All the voluminous hot air about what makes job creation happen (and why the US/UK approach is better than others) needs a seriously critical eye placed on it. This is evidence, it needs to be used to improve the models that people bandy about.
by Metatone (metatone [a|t] gmail (dot) com) on Wed Feb 1st, 2006 at 05:43:42 AM EST

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