Posts Tagged ‘barack obama’

The $787B Economic Stimulus Bill

Posted June 11, 2009 by Bernz

Ever since President Barack Obama took office in the January of 2009, there had been endless economic problems that faced his administration. His proposed solution? An economic stimulus plan that involved billions of dollars. On the short term, proponents of the program believe that it will provide tax cuts and create an estimated three million jobs in the United States. Over the long term, economists predict that it will stimulate growth by helping create economic activity.

obamanomics

In February, the $787 billion package has been passed. Though some sectors have lauded it, the economic stimulus has also been called “careless” and “wasteful” by some critics. This is because it contains a lot of the so-called earmarks for politicians. But a deeper problem persists. The $787 billion, as big as it sounds, may not be sufficient to spur economic recovery.

As the global economic condition takes a turn for the worse, the US is also affected. The US economy is already contracting in ways not seen since the Great Depression. With forecasts showing a vicious cycle, it is no wonder that economic contraction is difficult to stop despite everyone’s best efforts. (more…)

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