The way it was implemented? No, we don't need it, in fact it was bad.
We "stimulated" auto manufacturers by paying them to cut jobs, trim production, and raise prices.
We "stimulated" banks by handing them gobs of money they sat on to make themselves look healthier, or at best they invested in some other vehicle that essentially did the same. We needed SOME of that, because regulators had permitted the banks to over-leverage themselves. QE1 took care of that. QE2 was supposed to push them over the hump and permit them to lend while maintaining a reasonable fractional reserver. They didn't lend.
We "stimulated" states. We were supposed to create jobs by dumping funds into "shovel ready" projects. More or less, fund jobs for those losing jobs in the construction sector with the housing downturn. Instead, states took that money, and bought off various union voting blocks for a year trying to shield them from the reality that operational budgets were not going to be what they were for a decade or more. They also simply pumped it into projects that were unfunded due to tax revenue shortfalls.
On top of this, the federal government got into the business of cock-blocking investors looking for sweet tax free municipal bonds. This was to help shore up the performance of other investment vehicles. The bond market is now screwed up for the next 5-10 years in order to buy us a year of "growth" on the stock market that is barely keeping ahead of actual inflation.
We "stimulated" foreign investors by basically handing them piles of freshly printed cash in order to make them feel better about the US debt they were holding. What this got us was backlash against the dollar on the commodities market.
We spent a buttload of government money to try and fend off failure by suffering some inflation. The problem is that when choosing this tactic, you are supposed to actually have a plan for growing the economy. All we did was fill sandbags with dollar bills, and stack them up. Now the flood waters are at the top of our damn, and we don't have a plan.
hairyfeet
The only ones their "stimulus" helped was the guys at Goldman Sachs (surprise the Fed is a revolving door for that corp) and their cronies. After all they needed a way to get more cheap money after imploding the housing market right?
If they truly wanted to have a national stimulus they should have brought back the WPA. We need bridges fixed, we need roads repaired, we need nationwide fiber, all these things could have been done and put Americans to work. But where is the graft and corruption in that?