| | Although the exact direction of the Administration is unknown, it is known from public policy statements and initial actions that it will take a more [[leftist]] position than the [[Bush Administration]] on issues such as [[global warming]] and [[abortion]]. | | Although the exact direction of the Administration is unknown, it is known from public policy statements and initial actions that it will take a more [[leftist]] position than the [[Bush Administration]] on issues such as [[global warming]] and [[abortion]]. |
| − | The gravest crisis it faces is the [[Recession of 2008]], with the economy spiraling downward. Moving fast, the House on Jan. 28 passed an economic stimulus package of $819 billion in new spending and tax cuts, despite unanimous Republican opposition,. A much revised bill passed the Senate thanks to three Republican votes. A compromise bill known as the "[[American Recovery and Reinvestment Act of 2009]]" has been passed by Congress, providing for $789 billion in tax cuts and new spending. It is designed to prevent another 3.5 million jobs from disappearing, but conservatives warn that it will be a failure. While Detroit spread gloom on Feb. 17 as GM starkly warned of impending bankruptcy unless it gets more aid, Obama promised $275 billion to help people refinance their home mortgages. Thus far Obama's response to economic crisis closely parallels that of [[Herbert Hoover]] in 1930-31 in dealing with the [[Great Depression]]. It is too early to say if his plan will be as unsuccessful as Hoover's but the mortgage plan was dismissed by CNBC announcer [[Rick Santelli]] who called it "collectivist." | + | The gravest crisis it faces is the [[Recession of 2008]], with the economy spiraling downward. Moving fast, the House on Jan. 28 passed an economic stimulus package of $819 billion in new spending and tax cuts, despite unanimous Republican opposition,. A much revised bill passed the Senate thanks to three Republican votes. A compromise bill known as the "[[American Recovery and Reinvestment Act of 2009]]" has been passed by Congress, providing for $789 billion in tax cuts and new spending. It is designed to prevent another 3.5 million jobs from disappearing, but conservatives warn that it will be a failure. While Detroit spread gloom on Feb. 17 as GM starkly warned of impending bankruptcy unless it gets more aid, Obama promised $275 billion to help people refinance their home mortgages. Thus far Obama's response to economic crisis closely parallels that of [[Herbert Hoover]] in 1930-31 in dealing with the [[Great Depression]]. It is too early to say if his plan will be as unsuccessful as Hoover's but the mortgage plan was dismissed by CNBC announcer [[Rick Santelli]] who called it "collectivist." The Wall Street Journal says the plan will cost up to $275 billion and will help up to nine million homeowners. Thus, the cost is about $30,000 per homeowner helped. <ref>http://online.wsj.com/article/SB123496582087411241.html?mod=todays_us_page_one</ref> |