Posted on 12/20/2017 10:04:58 PM PST by libh8er
Racing to reverse the country's economic spiral, President Barack Obama signed the mammoth stimulus package into law Tuesday and readied a new $50 billion foreclosure rescue for legions of Americans who are in danger of losing their homes.
There was no recovery yet for beleaguered automakers, who were back in Washington for more bailout billions. General Motors Corp. said it was closing plants, Chrysler LLC said it was cutting vehicle models and both said they were getting rid of thousands more jobs as they made their restructuring cases for $5 billion more for Chrysler and as much as $16.6 billion more for GM. The United Auto Workers union said it had agreed to tentative concessions that could help Detroit's struggling Big Three.
Anything but reassured, Wall Street dove ever lower. The Dow Jones industrials fell 297.81 points, closing less than a point above their lowest level in five and a half years.
Obama focused on the $787 billion stimulus plan, an ambitious package of federal spending and tax cuts designed to revive the economy and save millions of jobs. Most wage-earners will soon see the first paycheck evidence of tax breaks that will total $400 for individuals and $800 for couples.
The stimulus package was a huge victory for Obama less than one month into his presidency. But he struck a sober tone and lowered expectations for an immediate turnaround in the severe recession that is well into its second year.
"None of this will be easy," he said. "The road to recovery will not be straight. We will make progress, and there may be some slippage along the way."
Thanks for reminding us that communism doesn’t work.
He managed to put 40 million Americans out of work. I’m sure that was the goal.
Waste of our money. Never worked. Interesting he was spending that kind of money right after being elected.
Look at Pelosi leering over his shoulder eager to get her claws onto our money.
It was never intended to work. He was just laundering tax dollars for his reelection campaign and also to make sure his core group of supporters stayed employed through the next election cycle.
as a factual matter of economic history, the recession was over in the second quarter of 2009, before the first obama buck from his flaccid stimulus ever saw the light of day.
in other words, it was a trillion dollar photo op, and subsequently, a constant political campaign theme (I’m so great! saved the world from destruction! etc.)
Is joe biden grabbing that woman’s ass?
wait. That’s his wife. He’s actually allowed to grab that one.
There was ONE purpose for this stimulus package. It was to hyper-inflate the Bush 43 deficit in order for obam to raise normal spending, while still claiming he “cut” the deficit. Remember, every bit of spending up to Sept 30 is counted in the previous year’s budget. Obam also inflated that too. When he left office, 43 was holding out against spending increases. The obam gladly accepted whatever levels had been proposed, as it too helped to increase the Bush baseline deficit.
The head above Obama’s in the Stimulus Package signing photo has a peculiar likeness to Lamar Alexander.
This is of course impossible, since Alexander was Republican Senator and a former Republican presidential candidate.
PORKULUS
He put me out of work in 2013.
If we can only re-establish the rule of law; make an example of those that committed crimes against the United States, so that the commies won’t be so emboldened in the future. Or we could kill them, either way works for me.
I think you have the date wrong...
Taking money from the treasury and spreading it around cannot bring about prosperity.
Lowering taxes will.
Two times for me.
Sorry to hear that. I was laid off in 2011 but it was due to something Clinton had done to my company.
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