Yes the rate would have been higher, but it was a complete waste of money. it was literally worse than taking the money and taking a sizzors to it.
We're in agreement - but from Obama's point of view - the main goal getting agenda thru and re-elected... It gave him a recovery on paper to use in 2012 to get re-elected.
He can now say, "LOOK at the jobless rate, bottoms out in Jan 09, and then turns around - my stim plan did that".
Bullshit o not, it'll play with some voters.
Of course it wasn't worth the $ printed... but for someone whose goal is to get re-elected, yes, it was a good move. if we were at 14% right now without it (very possible), his ass would be at 20% approval with no chance of re-election.