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→Economic Policy
The Obama administration initially followed what fiscal conservatives and libertarians call [[Obama administration fiscal policy|ruinous fiscal policies]] and [[Obama administration monetary policy|reckless monetary policies]].
The Obama administration initially followed what fiscal conservatives and libertarians call [[Obama administration fiscal policy|ruinous fiscal policies]] and [[Obama administration monetary policy|reckless monetary policies]].
[[File:Varvel-11-19-09.jpg|thumb|330px|left|Gary Varvel pokes fun at VP Biden's outlandish claims]]
[[File:Varvel-11-19-09.jpg|thumb|330px|left|Gary Varvel pokes fun at VP Biden's outlandish claims]]
===Historical backdrop===
===Backdrop===
Following the [[Recession of 2008]] Obama declared that failure to pass his [[Economic stimulus]] would turn a "crisis into a catastrophe," and promised [[Unemployment]] would not rise above 7.8%.<ref>[http://www.time.com/time/business/article/0,8599,1910208,00.html Obama's Stimulus Plan: Failing by Its Own Measure,] Stephen Gandel, ''TIME'', July 14, 2009.</ref><ref>[http://www.msnbc.msn.com/id/31165217/ Obama promises economic relief this summer], AP, 6/8/2009.</ref> The House on Jan. 28 passed a stimulus package of $819 billion in new spending and tax increases, despite unanimous Republican opposition. A revised bill passed the Senate with three Republican votes. A compromise bill known as the "[[American Recovery and Reinvestment Act of 2009]]" was passed, providing for $789 billion in new spending and stimulus.
Following the [[Recession of 2008]] Obama declared that failure to pass his [[Economic stimulus]] would turn a "crisis into a catastrophe," and promised [[Unemployment]] would not rise above 7.8%.<ref>[http://www.time.com/time/business/article/0,8599,1910208,00.html Obama's Stimulus Plan: Failing by Its Own Measure,] Stephen Gandel, ''TIME'', July 14, 2009.</ref><ref>[http://www.msnbc.msn.com/id/31165217/ Obama promises economic relief this summer], AP, 6/8/2009.</ref> The House on Jan. 28 passed a stimulus package of $819 billion in new spending and tax increases, despite unanimous Republican opposition. A revised bill passed the Senate with three Republican votes. A compromise bill known as the "[[American Recovery and Reinvestment Act of 2009]]" was passed, providing for $789 billion in new spending and stimulus.