This is the spoken edition of the American Institute for Economic Research for August 11th, 2020. A longer text version is hosted at AIER.org, along with many other articles. What did the Stimulus Stimulate? By Alan Reynolds. Faced with an escalating pandemic in March, the President and most governors did not want to “stimulate” the private economy. They wanted to shut it down –with stay-at-home orders and mandated business closings.