Boston Globe columnist Jeff Jacoby today repeats David Brooks’ error in using an outdated, incomplete Congressional Budget Office study to argue that President Obama’s stimulus package won’t inject money into the economy quickly enough to do any good.
Jacoby writes that “less than half of the $355 billion the bill allocates to infrastructure and other ‘discretionary’ projects would actually be spent by the end of 2010; of that, a mere $26 billion would be spent in the current fiscal year.”
Unlike Brooks, Jacoby does credit an accurate source — a Washington Post story from last Wednesday, which makes clear the CBO study’s limitations, if not its utter worthlessness. But Jacoby himself doesn’t make it clear, thus leaving the same wrong impression as Brooks.
In today’s New York Times, David Leonhardt lays out how and why too many in the media got it wrong. And he reports that, on Monday evening, the CBO put out an up-to-date report estimating “that about 64 percent of the money, or $526 billion, would be spent by next September.” Here (PDF) is the CBO study to which Leonhardt refers — readily available, as Leonhardt notes, since Monday evening.
I’m not sure when Jacoby’s deadline is, but surely he had time to peruse the new study.