The United States was the only country in their sample that had a positive consolidated stimulus, but a negative stimulus at the state and local levels.

FORBES: The Still Shrinking Local Governments

This negative feedback explains how a stimulus program can backfire.

FORBES: How to Create Jobs

The rise in borrowing costs could have a negative effect on the economy rather than the positive stimulus effect the Fed anticipated.

FORBES: Bonds And Dollar Defy Bernanke