According to the Congressional Budget Office, the American Recovery and Reinvestment Act of 2009" (“the stimulus”), which included $288 billion of tax cuts and $499 billion of spending, added between 1m and 2.1m jobs to the American economy by the end of 2009. Moody's, IHS Global Insight, and Macroeconomic Advisers think it added between 1.6m and 1.8m jobs.
The American economy is staggering along at a growth rate of 1.3% in Q2 of 2011 (for comparison, China's GDP rate is 9.5% and India's is 7.8%). The US unemployment rate increased to 9.2%. Among major economies, this is the third highest rate of unemployment after France (9.7%) and India (9.4%). And yet Republicans in Congress are clamoring for additional cuts in government spending and decrying past stimulus spending. Instead, they want to extend the Bush tax cuts and they don't want to eliminate tax breaks and/or subsidies, or close loopholes. According to Paul Krugman, they've got it bass ackwards. Tax cuts do little to stimulate the economy, especially those for the wealthiest 1% of Americans. Public spending, on the other hand, can raise GDP by $1.50 for every dollar spent.
The bottom line is that the $775b fiscal stimulus proposed by President Obama in 2009 (ultimately cut to $600b by the Senate), wasn't enough then, and spending cuts now will exacerbate the mistake. The American economy needs a shot in the arm, not a kick in the pants.