Obama Economic Stimulus Package: How ARRA Worked. The American Recovery and Reinvestment Act. Congress approved the $7. February. The ARRA's purpose was to end quickly the 2. In February 2009, economic data across the board revealed an accelerating decline of the U.S. WASHINGTON -- Judged by his own standards, President Obama's $787 billion economic stimulus program is deeply disappointing. For weeks, Obama has described the economy in grim terms. Updated 2/17/2009 7:50:45 PM ET 2009-02. Treasury Secretary Timothy Geithner mentioned the housing program last week as he rolled out a wide-ranging financial-sector. Obama said the stimulus package had received broad. Gary Burtless says that President Obama’s stimulus package. The Success of Obama’s Stimulus Program. Facebook; Twitter; LinkedIn; Email; Print; SMS; More. The economy began to grow again in the summer of 2009. Economic Projections. It cut taxes by $2. It created jobs by allocating $2. Although it was a ten- year. By the end of FY 2. But that did not mean GDP growth would be. ![]() It meant the economy would be that much better, even if it remained in recession. In fact, the CBO projected the economy would contract 3% for 2. Obama Tries to Build Bipartisan Support for Stimulus. Under the Obama proposal, the stimulus measure would also include about $200 billion to help revenue-starved states with. American Recovery and Reinvestment Act of. 2009, President-Elect Obama's administration. In the primary justification for the stimulus package, the Obama administration and Democratic proponents presented a graph in. What the Stimulus Accomplished. The American Recovery and Reinvestment Act of 2009 — President Obama's $787 billion stimulus — has been marketed as a jobs bill, and that's how it's been judged. The White House says it has saved or created about 3 million. By Q4 2. 00. 9, GDP was up 3. As of October 3. 0, 2. This is the most recent report. The Recovery Board stopped estimating job creation after that.)Not all of that success was thanks to the Stimulus Package. No doubt, the economic stimulus package inspired the confidence needed to turn the economy around. Some components of his campaign plan, such as enacting a foreclosure moratorium, had already been implemented by Fannie Mae. Others, such as eliminating taxes for seniors making up to $5. Obama's economic agenda elsewhere. Obama's biggest challenge was to create enough of a stimulus to soften the recession, but not big enough to create further doubts about the ballooning U. S. Unfortunately, the plan was blamed for doing both - - failing to reduce unemployment below 9%, and adding to the debt. Even so, the stimulus plan was not blamed as much as health care reform, Medicare, and Medicaid for the debt. How Well Did Each of the 3 Components Work? Obama's tax rebates were supposed to encourage consumer spending, but many experts doubted it. The rebates showed up as less tax withholding. Unlike the Bush tax cuts, workers did not receive checks. As a result, most people weren't aware they got a tax rebate. The Stimulus for Small Business helped create jobs, increased lending from the SBA and community banks, and reduced capital gains taxes. The state aid helped, but many states were so underwater that their losses outweighed the Federal aid. The public works construction was probably the most well- publicized since signs were posted wherever stimulus money was used to construct roads or public buildings. It was estimated to retain or add 3 million jobs, many of which were sorely needed in the construction industry.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
December 2016
Categories |