Pres. Obama's American Recovery and Reinvestment Act of 2009

[chad3]

Originally Posted by Volobjectitarian

The Porkulus Act of 2009 not only had nothing to do with the economic rebound from 2008's Great Recession, it actually slowed the pace at which that recovery occurred.

Originally Posted by Pilot1

It was a Public and Private UNION payback scheme as well as payback to other cronies that donated to his campaign. It slowed the recovery. The Federal Reserve is responsible for any "recovery", not Obama.

The 2009 ARRA did the follwoing,

- Gave American workers $237 billion dollars in tax cuts.

- Gave "$17 billion for one-time $300 payments to recipients of Supplemental Security Income and Social Security, and veterans receiving disability and pensions."

- Spent "$46 billion for transportation projects, including $27 billion for highway and bridge construction and repair and $11.5 billion for mass transit and rail projects," ex.ex.

- Gave "$15 billion to allow companies to use current losses to offset profits made in the previous five years, instead of two, making them eligible for tax refunds."

- Gave "$5 billion to extend a provision allowing businesses buying equipment such as computers to speed up its depreciation through 2009."

- Gave "$3.5 billion in grants to state and local law enforcement to hire officers and purchase equipment."

- Gave "$13 billion to extend tax credits for renewable energy production."

- Gave "$36 billion to subsidize locally issued bonds for school construction, teacher training, economic development and infrastructure improvements."


Can you explain how the above acts slowed the economic recovery?

https://en.wikipedia.org/wiki/Americ...nt_Act_of_2009

[chad3]

Originally Posted by Ferd

4 years after that stupid pile of liberal "ithinkthiswillwork". Time Magazine said it didn't work.

According to Time Magazine,

"After an epic financial crisis, the Recovery Act did launch a recovery. The economy started growing again in summer 2009. It started adding jobs again in spring 2010."
https://time.com/8362/economic-stimu...versary-obama/

"Most nonpartisan economists believe" that "things would have been even worse without the stimulus."
Recovery Act: How Obama's Stimulus Is Changing America - TIME

[chad3]

Originally Posted by bus man

Unemployment rate by year:

https://www.statista.com/statistics/...sa-since-1990/

Notice that it skyrocketed in 2009. Hmm, who became President that year? Also notice that it didn't drop below its pre-recession level of 2007 until 2017. Hmm, who became President that year?

Unemployment rate by year,

2009- 9.9%
2010- 9.3%
2011- 8.5%
2012- 7.9%
2013- 6.7%
2014- 5.6%
2015- 5.0%
2016- 4.7%
2017- 4.1%
2018- 3.9%
2019- 3.5%
2020- 3.6%

Under Obama the unemployment rate fell from 9.9% to 4.7% (a decrease of 5.2%)
Under Trump the unemployment rate fell from 4.1% to 3.6% (a decrease of 0.5%)

https://www.thebalance.com/unemploym...y-year-3305506
https://data.bls.gov/timeseries/LNS14000000


And you claim Obama raised the unemployment rate in 2009, but according to your source the unemployment rate began to rise in 2008. What policies did Obama enact to raise unemployment rates in 2009?


"The financial crisis of 2007–08, also known as the global financial crisis and the 2008 financial crisis, was a severe worldwide economic crisis considered by many economists to have been the most serious financial crisis since the Great Depression of the 1930s, to which it is often compared."
https://en.wikipedia.org/wiki/Financ...007%E2%80%9308

There was also a stock market crash in 2008.
https://www.thebalance.com/stock-mar...f-2008-3305535

Perhaps the financial crisis of 2007-2008 and the 2008 stock market crash caused unemployment rates to rise in 2008 and 2009?

[Ceece]

SUDDENLY everyone is an economics expert and claiming this is why America is GREAT AGAIN.

I think not fools.

[BigJon3475]

Originally Posted by chad3

Unemployment rate by year,

2009- 9.9%
2010- 9.3%
2011- 8.5%
2012- 7.9%
2013- 6.7%
2014- 5.6%
2015- 5.0%
2016- 4.7%
2017- 4.1%
2018- 3.9%
2019- 3.5%
2020- 3.6%

Under Obama the unemployment rate fell from 9.9% to 4.7% (a decrease of 5.2%)
Under Trump the unemployment rate fell from 4.1% to 3.6% (a decrease of 0.5%)

https://www.thebalance.com/unemploym...y-year-3305506
https://data.bls.gov/timeseries/LNS14000000


And you claim Obama raised the unemployment rate in 2009, but according to your source the unemployment rate began to rise in 2008. What policies did Obama enact to raise unemployment rates in 2009?


"The financial crisis of 2007–08, also known as the global financial crisis and the 2008 financial crisis, was a severe worldwide economic crisis considered by many economists to have been the most serious financial crisis since the Great Depression of the 1930s, to which it is often compared."
https://en.wikipedia.org/wiki/Financ...007%E2%80%9308

There was also a stock market crash in 2008.
https://www.thebalance.com/stock-mar...f-2008-3305535

Perhaps the financial crisis of 2007-2008 and the 2008 stock market crash caused unemployment rates to rise in 2008 and 2009?

You do understand that as you get close to full employment it’s harder to drop the UE rate, correct? After that there’s a scarcity of available employees and the compensation increases for the average employee. That was the Trump plan from the get-go. That was based on the economics of world war 2.

[T-310]

Originally Posted by odanny

https://www.forbes.com/sites/chuckjo...8#12002bf968b7

Remember when we had a real President who knew what he was doing, and surrounded himself with actual experts instead of lackeys, shysters, con artists and family members?

I do.

Oh, you mean the shovel ready jobs that never existed? And the money that disappeared into a black hole. Yeah I remember that fiasco.