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Stimulus 'Averted Another Great Depression'
Sky News ^

Posted on 02/18/2014 6:13:19 AM PST by Sub-Driver

Stimulus 'Averted Another Great Depression'

As the White House marks the fifth anniversary of the economic stimulus, Democrats and Republicans spar over its legacy.

9:51am UK, Tuesday 18 February 2014

By Sky News US Team

A White House report on the fifth anniversary of the economic stimulus has rekindled a partisan debate over the controversial measure passed by Barack Obama.

The report said the $787bn (£$472bn) spending bill, known as the American Recovery and Reinvestment Act, helped avert another Great Depression.

It said the stimulus saved or created 1.6 million jobs through 2012 and eventually helped end the country’s 18-month-long recession in June 2009.

But Republicans were quick to object to the findings of the 70-page report, saying the bill spent too much for too little in return.

House Speaker John Boehner, the top US Republican, said the stimulus turned out to be a classic case of "big promises and big spending with little results".

"Median household incomes are down. Prices on everything from gas to groceries are higher. A new normal of slow growth has set in, with most now saying the worst is yet to come," Mr Boehner said in a statement.

Senate Minority Leader Mitch McConnell said: "Five years later, the stimulus is no success to celebrate.

"It is a tragedy to lament."

(Excerpt) Read more at news.sky.com ...


TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS:
Forgot to mention Bush's fault.......
1 posted on 02/18/2014 6:13:19 AM PST by Sub-Driver
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To: Sub-Driver

Everythign BUSH did averted some imaginary disaster too, then!


2 posted on 02/18/2014 6:15:00 AM PST by Mr. K (If you like your constitution, you can keep it...Period.)
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To: Sub-Driver

Should change the name to Sky High news.


3 posted on 02/18/2014 6:16:20 AM PST by bray (The Republic of Texas 2022 coming soon)
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To: Sub-Driver
obama just grabs his butt and pulls out any outrageous lie whenever he needs one. This guy will claim to be GOD before he is done. Only evil can act like this demon.
4 posted on 02/18/2014 6:17:41 AM PST by LibLieSlayer (FROM MY COLD, DEAD HANDS! BETTER DEAD THAN RED!)
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To: Sub-Driver

lol

the only thing that has kept us from slipping into a depression is the oil boom.


5 posted on 02/18/2014 6:18:10 AM PST by TexasFreeper2009 (Obama lied .. the economy died.)
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To: Sub-Driver

Nothing “averted” anything.

We are 17.25 trillion in debt, losing markets to China every day, and we cannot even balance our budget.

Our military budget is maxed out, and we continue to send American jobs to foreign competitors every day.

America needs to bring back US jobs, and stop this nonsense.

Bring back US jobs now.


6 posted on 02/18/2014 6:19:11 AM PST by Cringing Negativism Network ( http://www.census.gov/foreign-trade/balance/c5700.html#2013)
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To: Sub-Driver

That is a lie. Stealing/confiscating/borrowing money and taking it OUT OF THE PRIVATE SECTOR destroyed jobs and liberty.


7 posted on 02/18/2014 6:19:43 AM PST by SoFloFreeper
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To: Cringing Negativism Network

People lost 3/4’s of their IRA’s in the market. It was my life savings.


8 posted on 02/18/2014 6:21:54 AM PST by Sacajaweau
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To: TexasFreeper2009
the only thing that has kept us from slipping into a depression is the oil boom.

yep.

9 posted on 02/18/2014 6:23:32 AM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: Cringing Negativism Network

Don’t forget the fact that now our national debt interest exceeds our military budget, and given the high demand for financial assistance. It (financial assistance) certainly isn’t inherently bad, but it does tell wonders about how bad the unemployment/underemployment is.


10 posted on 02/18/2014 6:23:43 AM PST by Morpheus2009
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To: Mr. K

I had the exact sane thought. The libs criticized Bush for the war in Iraq. Bush could say that his actions averted World War III.


11 posted on 02/18/2014 6:26:40 AM PST by fhayek
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To: Sub-Driver

The very idea that the trillion dollar platinum coin scheme was even seriously discussed somewhere other than a cartoon is all the proof you need that we’re screwed.


12 posted on 02/18/2014 6:27:31 AM PST by TheGipperWasRight
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To: Sub-Driver

Obongo’s”BULL$H*T”!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


13 posted on 02/18/2014 6:28:14 AM PST by bandleader
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To: Sub-Driver

More like — another shot of government spending heroin stopped the spending-junkie nation from going into a necessary withdrawal and getting healthy.


14 posted on 02/18/2014 6:28:53 AM PST by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: Sub-Driver

It may have averted a great depression just as burning Detroit to the ground will end the wild dog problem. There were numerous fixes available and the results of the chosen solution were not immediately catastrophic so in that way you can all it a success.


15 posted on 02/18/2014 6:34:30 AM PST by ImJustAnotherOkie (zerogottago)
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To: Sub-Driver

$787 billion for 1.6 million jobs......what a bargain! Even if you believe their numbers.....


16 posted on 02/18/2014 6:37:52 AM PST by cincinnati65
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To: Sub-Driver

Yeah, the ‘wreckovery’ is going SO well .....


17 posted on 02/18/2014 6:39:11 AM PST by Qiviut (It's hard to be a donk if you're sane & it's hard to be a pubbie if you have any integrity.)
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To: TexasFreeper2009

I’m not convinced that our “slightly positive” economic growth isn’t bogus and we’ve been “slightly negative” in this whole “recovery”.


18 posted on 02/18/2014 6:39:35 AM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Sub-Driver

Ask these folks and the ones currently moved from full time with health ins to PT no health ins. Subject to 0’care fines and imprisonment. And if they work 2 PT jobs that total 35 hrs they are considered FULL TIME.

Duke University: 44% of U.S. firms consider cutting health care to current workers

http://washingtonexaminer.com/duke-university-44-u.s.-firms-consider-cutting-health-care-to-current-workers/article/2543506

CBO: Obamacare Driving Millions Out of Work Force, Price Tag Tops $2 Trillion

http://townhall.com/tipsheet/guybenson/2014/02/04/cbo-obamacare-driving-millions-of-americans-out-of-work-force-n1789435?utm_source=thdailypm&utm_medium=email&utm_campaign=nl_pm

Obamacare will push 2 million workers out of labor market: CBO

http://www.washingtontimes.com/news/2014/feb/4/cbo-obamacare-push-2m-workers-out-labor-market/


19 posted on 02/18/2014 6:40:47 AM PST by GailA (IF you fail to keep your promises to the Military, you won't keep them to Citizens!)
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To: MrB
I have no doubt that it's all bogus either.

We have been in a recession since Obama took office, and it would have been a depression if not for the oil boom caused by fracking

20 posted on 02/18/2014 6:55:30 AM PST by TexasFreeper2009 (Obama lied .. the economy died.)
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To: Sub-Driver

I blew my nose this morning, averting a devastating earthquake in the Philippines.


21 posted on 02/18/2014 6:57:55 AM PST by dead (I've got my eye out for Mullah Omar.)
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To: Sub-Driver
So we burned the country down to save 1.6 million union government slugs from losing their fat jobs and keeping the Democrat campaign coffers filled?

How can anybody argue with excellent results like that?

22 posted on 02/18/2014 7:05:23 AM PST by Gritty (Inside every liberal is a totalitarian screaming to get out! - David Horowitz)
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To: Sub-Driver

Barack sh!t!


23 posted on 02/18/2014 7:14:32 AM PST by depressed in 06 (America conceived in liberty, dies in slavery.)
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To: Sub-Driver

The brazenness of this Stalinist propaganda machine is truly breathtaking to behold.

Every time I think “they’ll never get away with THAT” they actually DO. And then they take it up a notch.


24 posted on 02/18/2014 7:17:53 AM PST by Buckeye McFrog
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To: Sub-Driver

I think when the true numbers are finally examined, we will find out that depression was not avoided.


25 posted on 02/18/2014 7:22:33 AM PST by dangerdoc (I don't think you should be forced to make the same decision I did even if I know I'm right.)
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To: Sub-Driver

I see they have a new talking point. Total B.S.


26 posted on 02/18/2014 7:24:31 AM PST by jersey117
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To: cincinnati65
The economy bottomed out two months after the stimulus was passed. The stimulus money did not make its way into the economy within eight weeks. It prolonged the economic downturn with the help of obama’s other stupid job killing policies.
27 posted on 02/18/2014 7:26:03 AM PST by peeps36 (I'm Not A Racist, I Hate Douchebags of All Colors)
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To: Morpheus2009

Do you have a source for that? I’d like to reference it elsewhere.


28 posted on 02/18/2014 7:34:26 AM PST by Patriotic1 (Dic mihi solum facta, domina - Just the facts, ma'am)
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To: Sub-Driver

And the evil rich people.


29 posted on 02/18/2014 8:05:06 AM PST by Vaduz
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To: Sub-Driver

Yeah well putting duct tape around a burning building would avert disaster for a while, too.


30 posted on 02/18/2014 8:06:16 AM PST by P.O.E. (Pray for America)
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To: Sub-Driver

“John Boehner, the top US Republican, said the stimulus turned out to be a classic case of ‘big promises and big spending with little results’”

And yet, Johnny Boy, you just helped pass the raising of the debt ceiling yet again...in a “CLEAN” bill.

You are a hypocrite and a fraud.


31 posted on 02/18/2014 8:42:19 AM PST by GilesB
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To: dead
Stimulus 'Averted CAUSED Another Great Depression' (pending)

(corrected)

32 posted on 02/18/2014 9:18:37 AM PST by logi_cal869
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To: TexasFreeper2009

I think it IS a depression if we accounted for the truth rather than covering it up with money created out of thin air. One old man told me that it is NOT a depression because WE DON’T HAVE SOUP KITCHENS! I asked what he thought about all the millions living on food stamps, if they were all lined up at public kitchens for their free food I think things would definitely look a lot more depressed than they already do. Half this country is trying to live off the other half. It ain’t agonna end well.


33 posted on 02/18/2014 9:42:38 AM PST by RipSawyer (No tagline added because I have switched to tackle.)
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To: Morpheus2009

Sure,

http://www.weeklystandard.com/blogs/payments-interest-exceed-defense-spending-125-billion_657230.html

What’s even more interesting is that it has gotten worse considering this was the CBO’s estimate for 2013.


34 posted on 02/19/2014 5:01:07 AM PST by Morpheus2009
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To: dead
I blew my nose this morning, averting a devastating earthquake in the Philippines.

Yeh, but look what you did to Oklahoma!

35 posted on 02/19/2014 5:30:54 AM PST by jda ("Righteousness exalts a nation . . .")
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