But about half of the stimulus money spent to date is on the tax and transfer side, and about a quarter is direct aid to states, which enables them not to raise taxes. Barro should be using a weighted average of his spending multiplier of 0.6 and his tax multiplier of 1.1 to get a multiplier of 0.9.
巴罗的分析还有其他破绽。他将刺激方案看做是 2 年期 6000 亿美元的政府支出。其实，大约一半的刺激资金用于税收上，四分之一由直接拨到各个州，以让它们不用增税。巴罗应该在支出上加权 0.6 ，在税收上加权 1.1 ，这样才能综合加权 0.9 。