In a recent tweet, Michelle Bachmann’s campaign wrote:
Lesson in economic recovery: Consider Canada. No stimulus & unemployment is 20% lower than US.
Uh, guys – we did have a stimulus. We passed stimulus in 2009 as part of the budget, at practically the same time that the USA did: $40 billion in spending and $20 billion in tax cuts for a total of $60 billion in stimulus spending and cuts. Now, our budget was only $274 billion CDN in expenditures, so that $60 billion represented about 22% of our overall budget, whereas the USA’s stimulus of $900 billion measured against its expenditures of $3.5 trillion USD represented about 26% of its budget, so percentagewise our stimulus was a bit smaller than yours, granted – but then again, thanks to strict banking regulations that most of the world didn’t have, we didn’t take nearly the hit that the United States did from the financial collapse of 2008.
So basically Michelle Bachmann is wrong. I know, you’re having trouble processing such an idea! But that is in fact the case.