"The administration was trying to explain away for months why it spends almost $1 trillion and there is no effect — [with] numbers showing increasing unemployment relentlessly.
So the line was: Well, it's kicking in next year, it will all kick in next year.
And now we get the chief economist at the White House telling us that it's already had its effect and next year it [the stimulus’ effect] will plateau and won't have any effect on unemployment.
And you can only conclude that the stimulus is a bust. There's no other conclusion. If it didn't have its effect this year, and it's not going to have an effect next year, then it had no effect — and we wasted $1 trillion."