So Obama is lying when he says the stimulus has lead to the increase in GDP?
Yes and no. The form of spending that would categorize stimulus was no higher than its long term average. Again, only about a quarter to a third (estimates vary) of the total package has been spent, so the impact for 09 wouldve been minimal.
Obama can correctly say that GDP growth is higher than it would otherwise have been, since this spending is a component of the formula that calculates it. That’s not to call it an efficient use of tax dollars or an effective policy long term, it obviously isn’t.
The short answer is Porkulus has approximately zero to do with the current fundamentals of the economy. Its “benefits” are short lived and tiny. And the hangover to come will certainly make it look foolish in hindsight.