President Obama’s February 2009 stimulus bill, the American Recovery and Reinvestment Act, was a political disaster. It helped fuel the Republican revival of 2010 and now stars in Mitt Romney’s ads. The president even stopped uttering the word “stimulus.” But the $787 billion bill was one of the most important and least understood pieces of legislation in modern history. It was the purest distillation of what Obama meant by change, transforming our approaches to energy, education, health care, transportation and the economy, promoting long-term...
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