Tornado Alley (PROG)

[blackhawks]

Still more misstatements of fact. But even IF all of it was true it would NOT make supply-side economics sound much less advisable as policy. The point remains that yet again a Dem president had to dig us out of a GOP recession. Point to an example of the opposite since 1932.

In any case GDP did move to positive territory, unemployment steadily declined, new job growth was achieved and the longest Bull market in history ensued. Got bin laden too.

What do you imagine President McCain would have done differently, coming in as he would have with the GOP economic disaster hanging around his neck?

https://www.thebalance.com/what-was-obama-s-stimulus-package-3305625

President Barack Obama outlined the economic stimulus package during his 2008 campaign. Congress approved the American Recovery and Reinvestment Act (ARRA) in February 2009. The Congressional Budget Office estimated it would add $787 billion in budget deficits by 2019.

The economic stimulus package ended the Great Recession by spurring consumer spending. Most importantly, it instilled the confidence needed to boost economic growth. It also aimed to restore trust in the financial services industry. It limited bonuses for senior executives in companies that received the Troubled Asset Relief Program (TARP) funds.

How It Worked


ARRA had three spending categories. It cut taxes by $288 billion. It spent $224 billion in extended unemployment benefits, education, and health care. It created jobs by allocating $275 billion in federal contracts, grants, and loans.


Congress designed the Act to spend $720 billion, or 91.5%, in its first three fiscal years. It allocated $185 billion in FY 2009, $400 billion in FY 2010, and $135 billion in FY 2011.


The Obama administration did better than planned. By the end of FY 2009, it spent $179 billion according to a 2015 report by the Congressional Budget Office.

Of that, $68 billion went toward tax relief and credits. Another was spent on $34 billion in health services and $21 billion on education. It also spent $28 billion on unemployment compensation and $13 billion on extra Social Security and veterans' checks.

In the FY 2012 budget, the Congress allocated additional funding.

The CBO published its final ARRA report in 2015. It estimated the total impact on the deficit would be $836 billion by 2019. As of fiscal year 2014, ARRA had added $827 billion to the deficit.

Of that, $303 billion went toward tax relief and credits. Another $141 billion was spent on health services and $97 billion on education. It spent $64 billion on unemployment compensation and $48 billion on the Supplemental Nutrition Assistance Program.