Skip to comments.Stimulus 'Averted Another Great Depression'
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 countrys 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 ...
Everythign BUSH did averted some imaginary disaster too, then!
Should change the name to Sky High news.
the only thing that has kept us from slipping into a depression is the oil boom.
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.
That is a lie. Stealing/confiscating/borrowing money and taking it OUT OF THE PRIVATE SECTOR destroyed jobs and liberty.
People lost 3/4’s of their IRA’s in the market. It was my life savings.
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.
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.
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.
More like — another shot of government spending heroin stopped the spending-junkie nation from going into a necessary withdrawal and getting healthy.
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.
$787 billion for 1.6 million jobs......what a bargain! Even if you believe their numbers.....
Yeah, the ‘wreckovery’ is going SO well .....
I’m not convinced that our “slightly positive” economic growth isn’t bogus and we’ve been “slightly negative” in this whole “recovery”.
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
CBO: Obamacare Driving Millions Out of Work Force, Price Tag Tops $2 Trillion
Obamacare will push 2 million workers out of labor market: CBO
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
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