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Federal stimulus not keeping pace with state and local woes

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From Ezra Klein: As everyone knows, the federal government is still spending a $700 billion stimulus package passed at the beginning of 2009. As most people know, state and local governments have had to sharply cut spending because the recession has decimated their tax revenues. But as fairly few people know, these two forces are canceling each other out. Stephen Gordon explains: It’s important to remember that the proper measure for fiscal stimulus is not spending by the federal government; it…

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