- We knew last year that unemployment was heading over 10 percent (i.e., where it is now) and we were just going to have to hunker down for the ride.
- Shovel-ready never meant "shovel ready." No matter how efficient you are, it takes time to get up-to-speed on a new brick-and-mortar project--i.e., a project that will actually juice up the economy, instead of merely replacing something that was going to happen anyway.
- As against new spending, tax cuts are just not a persuasive alternative at this moment. Sure, everyone would like tax cuts. But with so much money already lying on the table unused, it just isn't plausible that a new round of tax cuts will generate new economic activity (and besides: as a percentage of GDP, taxes are already comparatively low).
Update: This guy thinks so, too.