With a hat tip to Greg Mankiw, let’s turn to If, When, How: A Primer on Fiscal Stimulus - specifically principles 2 and 3 that any fiscal stimulus be well targeted and temporary.
This paper was published on January 10, 2008. On the very next day, the WSJ oped page featured The Right Stimulus. Just about everything claimed by the WSJ was refuted by Elmendorf and Furman. I wish I had cited their paper when I wrote this.