Plagued with the sharpest economic downturn in a generation, US policy makers scrolled through a series of emergency deficit-enhancement measures in 2008-09. The third and final such effort was enacted in February. At $800bn, it set a new standard for government red ink: 12 per cent of 2009 GDP – twice the previous post-World War II high.

The theory is that, by sweeping unemployed resources into the marketplace, society not only gets a bargain, it bucks up consumers and investors, instilling confidence. And don’t forget this stimulation: emergency spending projects are to Congress what free beer is to a college fraternity party.