I found these links at the econbrowser blog: http://www.econbrowser.com

I notice in the comments to the econbrowser post that there is considerable skepticism regardign the source of the multiplier estimates, and very notion that any kind of government expenditure is not a complete waste (at least, any above that required for a nightwatchman state needed to keep gangs of thugs from invading your house and taking your stuff).

That view is seems very respectable in the media clips that I have seen.

I am disappointed in the lack of reference to historical and empirical evidence in the debate so far. I am going to dive into the internets and try to collect some reviews, or summaries, or something or other, and will let you know what I find over the next few days. I am not a specialist in macroeconomics, and these macro types are rather mysterious people with mysterious ways (regardless of ideology) so wish me luck.

My only comment from what I have read so far, is that one reason for the tax cuts seems to be to get some very quick stimulus, and that might happen if the cuts are targeted towards lower and lower middle income groups. I don’t see how that use would make some of the business tax cuts a good idea (even ones that might be good on their own, such as cuts for new business investment).

—
CBO Director Doug Elmendorf’s testimony
The State of the Economy and Issues in Developing an Effective Policy Response
http://www.cbo.gov/ftpdocs/99xx/doc9967/01-27-StateofEconomy_Testimony.pdf

found via econbrowser blog post:
http://www.econbrowser.com/archives/2009/01/multipliers_aga.html

—
Congressional Budget Office Cost Estimate
H.R. 1: American Recovery and Reinvestment Act of 2009
http://www.cbo.gov/ftpdocs/99xx/doc9968/hr1.pdf

found via econbroswer bog post
http://www.econbrowser.com/archives/2009/01/hr_1_and_the_fi.html

You can keep yourself posted at:

the CBO website: http://www.cbo.gov