Historically, I don't think "Deficit Spending" works at all, in any circumstance whatsoever, whether "Guns" or "Butter". The Keynesians are idiots. They always have been.
Any way you slice it, it's the temporary exchange of a short-term gain for a long-term drain. Acheiving 8% Economic Growth in One Year while printing 5% Government Bonds which you'll hafta pay off, an extra 5% a year, over the next 30 years. INSANITY!!
There's a reason that Red China is economically kicking our @ss, and it has less to do with "low-wage slave labor" than Protectionists (even a Saint like Pat Buchanan) are willing to admit:
In other words, Red China is no longer "Communist"... They have returned to the Imperial System of the 15th Century, in which Chinese Capitalists discovered California in 1421 AD, almost a century before Columbus. Political and Religious Dissent is Forbidden... but you can make as much Money as you want to.
By Contrast, the US Economy is now at least 52% Socialized -- 38% Taxed, 14% Regulated.
In an Environment such as this, you can raise Tariffs to the sky, you can complain all you want about Chinese Slave Labor (a completely-invalid Criticism; the USA incarcerates millions of non-violent Marijuana offenders, and then loans them out on "Work-Release" at sub-minimum wage to Domestic Employers)... and it won't do you a bit of good.
You can complain all you want about "Low Foreign Wages", but the USA cannot possibly compete when the Federal Government is Taxing and Regulating away 52 percent of the US National Economy... while the Red Chi-Coms in Peking are Taxing and Regulating away less than 30 percent of the Chinese National Economy.
With Odds like that, we are destined to lose. And it's nobody's fault but Our Own.
We are killing Ourselves.