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Obama Administration (view source)
Revision as of 09:45, November 20, 2009
, 09:45, November 20, 2009→Economic Policy
==Economic Policy==
==Economic Policy==
The Obama administration is currently following what fiscal conservatives and libertarians call [[Obama administration fiscal policy|ruinous fiscal policies]] and [[Obama administration monetary policy|reckless monetary policies]]. Economists debate in August 2009 whether or not the recession has hit bottom and when the overall economy will start moving up again; the consensus is that unemployment will remain high into 2010.
The Obama administration is currently following what fiscal conservatives and libertarians call [[Obama administration fiscal policy|ruinous fiscal policies]] and [[Obama administration monetary policy|reckless monetary policies]]. Economists debate in August 2009 whether or not the recession has hit bottom and when the overall economy will start moving up again; the consensus is that unemployment will remain high into 2010.
[[File:Varvel-11-19-09.jpg|thumb|330px|left|Gary Varvel pokes fun at VP Biden's outlandish claims]]
===Historical backdrop===
===Historical backdrop===
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 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]]" is now law, providing for $789 billion in tax cuts and new spending. Democrats claim it will prevent 3-4 million jobs from disappearing, but economists are unsure how to measure the impact it will have. <ref>see [http://www.freemarketproject.org/articles/2009/20090224125726.aspx Conservative commentary]</ref>
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 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]]" is now law, providing for $789 billion in tax cuts and new spending. Democrats claim it will prevent 3-4 million jobs from disappearing, but economists are unsure how to measure the impact it will have. <ref>see [http://www.freemarketproject.org/articles/2009/20090224125726.aspx Conservative commentary]</ref>