The actual lessons of 2009-2010, then, are that scare stories about stimulus are wrong, and that stimulus works when it is applied. But it wasn’t applied on a sufficient scale. And we need another round.
That certainly is the lesson. But has anyone who wasn’t saying in 2009 that the planned stimulus was going to be too small learned this lesson? Or is it just that the stimulus pessimists have been confirmed right, but, still no one in power is listening to them?