Accounting identities are taught in act 101. By taking a loan (accumulating capital) the Treasury increases both their assets and liabilities; assets in the form of cash and liabilities in the form of structured debt.it pulls money out of the market before it puts it back in.
On the lenders balance sheet, the asset (cash) is "swapped" for an interest bearing asset e.g. a bond. However, in this case no liability or owners equity was created as the nominal value of the cash was equal to to value of the bond at the time of purchase.
Therefore, you "pulls it out before it puts it in" comment is invalid.
You are assuming the private sector would have spent it. As monetary velocity and the short term asset accumulation by the private sector would indicate, that was not the case in the midst of the financial crisis.so the TRUE multiplier must subtract the economic productivity of privately spent and invested funds from the economic productivity of bureaucratically spent and invested funds.
An actual study published by and accredited economic journal?oh, but they have done some interesting study of the "multiplier" effect of the government "stimulus". care to guess? negative. as in, a multiplier of less than 1.