>But the effect of the stimulus depends on the marginal propensity to spend,
>no? Didn't a couple economists recently estimate that the bulk of the last
>tax cut -- what was it? 75%? -- was saved?
Yes that's a factor, and Goldman noted that in the full piece. Still, it's a lot of fiscal stimulus in a short time - and its maximum impact could be felt around, oh, November 2004.
Doug