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Line 1: − + − The bill passed the House and Senate with only three Republican senators voting for it and no Republican votes in the House and was signed by the president on February 17, 2009. Since the passage of the "stimulus" bill, over 4 million American jobs have been lost, in spite of Obama's false promise that 4 million jobs would be created or "saved".<ref>[www.bls.gov]</ref> In contrast, President Reagan's Economic Recovery Act of 1981 led to swift job creation, as opposed to a jobless recovery that was first seen in the 1990s after Bill Clinton's tax increase.<ref>http://www.heritage.org/research/labor/em917.cfm</ref><ref>http://www.frbsf.org/publications/economics/letter/2009/el2009-18.html</ref> Because of the size of the stimulus bill, President Obama is now currently unable to fulfill his utopian promise of [[universal health care]].<ref>[http://www.examiner.com/x-2913-Boston-Republican-Examiner~y2009m7d28-How-the-stimulus-and-now-the-Gates-affair-have-damaged-Obamas-credibility]</ref> − + + +
American Recovery and Reinvestment Act of 2009 (view source)
Revision as of 14:41, January 4, 2010
, 14:41, January 4, 2010no edit summary
The '''American Recovery and Reinvestment Act of 2009''', called a "stimulus bill" by its supporters but branded a "pork bill" by its opponents, was passed by Congress on Friday the 13th of February 2009 after a vote sharply divided along party lines. The purpose was to invigorate the economy that was still spiralling downward in the ongoing [[Recession of 2008]]. Conservatives Republicans proposed a similar bill about one-third smaller in dollar terms, but were overwhelmed by solid Democratic control of the House. The Bill passed the Senate because three Republicans broke party ranks to vote for it; one of them<ref> Senator Spector of Pennsylvania</ref> soon switched to the Democratic Party.
The '''American Recovery and Reinvestment Act of 2009''', called a "stimulus bill" by its supporters but branded a "pork bill" by its opponents, was passed by Congress on Friday the 13th of February 2009 after a vote sharply divided along party lines. The legislation's stated purpose was to invigorate an economy that was still spiralling downward in an ongoing [[Recession of 2008|recession]]. Conservatives [[Republican]]s proposed a similar bill about one-third smaller in dollar terms, but were overwhelmed by solid [[Democratic]] control of the House. The bill passed the [[Senate]] because three Republicans broke party ranks to vote for it; one of them<ref> Senator [[Arlen Spector]] of [[Pennsylvania]]</ref> soon switched to the Democratic Party.
It was supported by Democrats and by the [[Obama Administration]].
It was supported by Democrats and by the [[Obama Administration]].
At $789 billion it is one of the most expensive proposals in world history. The Republican counterproposal was similar in scope but totaled only $500 billion.
The bill passed the House and Senate with only three Republican senators voting for it and no Republican votes in the House and was signed by the president on February 17, 2009. Since the passage of the "stimulus" bill, over 4 million American jobs have been lost, in spite of [[Obama]]'s [[deceit|false promise]] that 4 million jobs would be created or "saved".<ref>[www.bls.gov]</ref> In contrast, President [[Reagan]]'s Economic Recovery Act of 1981 led to swift job creation, as opposed to a jobless recovery that was first seen in the 1990s after [[Bill Clinton]]'s tax increase.<ref>http://www.heritage.org/research/labor/em917.cfm</ref><ref>http://www.frbsf.org/publications/economics/letter/2009/el2009-18.html</ref> Because of the size of the stimulus bill, President Obama is now currently unable to fulfil his utopian promise of [[universal health care]].<ref>[http://www.examiner.com/x-2913-Boston-Republican-Examiner~y2009m7d28-How-the-stimulus-and-now-the-Gates-affair-have-damaged-Obamas-credibility]</ref>
At $789 billion it is one of the most expensive proposals in world history. The Republican counterproposal was similar in scope but totalled only $500 billion.
It was promoted by Democrats as an "[[economic stimulus]]" package that will revive the ailing U.S. economy (see [[Recession of 2008]]). They promised it would add or save 3.5 million jobs, at a time when over 600,000 jobs are disappearing every month.
It was promoted by Democrats as an "[[economic stimulus]]" package that will revive the ailing U.S. economy (see [[Recession of 2008]]). They promised it would add or save 3.5 million jobs, at a time when over 600,000 jobs are disappearing every month.