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Line 9: − − In many ways the stimulus program resembled the [[Reconstruction Finance Corporation]] set up by [[Herbert Hoover]] and Congress in 1932 to deal with the [[Great Depression]]. Both were very large programs created to reverse a downward economic spiral by making loans to major financial corporations and other key sectors, as well as grants to cities and states, all designed to stimulate public spending to replace the freeze on spending and loaning by consumers and businesses. [[File:Varvel-11-19-09.jpg|thumb|310px|left|Gary Varvel pokes fun at VP Biden's outlandish claims]]
American Recovery and Reinvestment Act of 2009 (view source)
Revision as of 15:00, January 4, 2010
, 15:00, January 4, 2010cleanup
It was supported by Democrats and by the [[Obama Administration]].
It was supported by Democrats and by the [[Obama Administration]].
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>
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 promise that 4 million jobs would be created or "saved".<ref>[www.bls.gov]</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.
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.
Conservatives complain that it is mostly spending to promote long-standing liberal causes.
Conservatives complain that it is mostly spending to promote long-standing liberal causes.
:"The plan is primarily designed not to stimulate the economy, but the size and scope of government. More citizens will be dependent upon government largesse. This empowers the Democratic Party and its liberal elite."<ref>[http://www.washingtontimes.com/news/2009/feb/15/the-peron-pattern/]</ref>
:"The plan is primarily designed not to stimulate the economy, but the size and scope of government. More citizens will be dependent upon government largesse. This empowers the Democratic Party and its liberal elite."<ref>[http://www.washingtontimes.com/news/2009/feb/15/the-peron-pattern/]</ref>
==Provisions==
==Provisions==