George W. Bush Stimulus Package Vs. Barack Obama Stimulus Package

900 Words2 Pages
bulb-icon

Recommended: g.w.bush economic stimulus

President Barack Obama signed The American Recovery and Reinvestment Act on February 17th, 2009 into law. This Act was an effort to jump-start the economy, and also to save and create millions of jobs in America. Obama selected Vice President Joe Biden to over look the application of the Act, while working with cabinet members, the nations governors, and mayors to make sure the implementation of the Recovery Act are not abrupt, but as efficient and effective as Obama intended. The Recovery Act called for $825 Billion which changed as it moved through Congress. However, in doing this it stirred up a lot of commotion with the Republicans within Congress, who favored a different approach to the economic dilemma. The Recovery Act is essentially an expansionary fiscal policy, in that it wants to increase government spending while decreasing taxes. The Act included $550 Billion to be spent within the first two years of it being implemented, much more than the government spends annually on programs. Which is not including defense and benefit programs such as Medicare and Social Security. Most of the $275 Billion in tax cuts would be going to the middle-income families in the form of $1,000 tax cuts, while businesses and other tax cuts would make up the rest. About $318 Billion would go to states and local governments facing the possibility of layoffs and/or tax increases. Another $102 Billion would be used to help victims of the recession with unemployment insurance, health care, food stamps and job training, jobless aid would also be increased by an extra $25 a week. As we can see the evidence is clear and growing by the day, the Recovery Act is working to soften the greatest economic downfall since the Great Depression and is laying ... ... middle of paper ... ... past problem which was gas prices, which have gone down significantly. The Recovery Act may not have sent out any physical checks, such as the 2008 Stimulus Package did, however it did reduce taxes which in return gave Americans more money in there pocket, which increased consumption, increasing GDP, helping the economy becoming more stabilized. In comparison both the 2008 Stimulus Package and the Recovery Act were both essentially expansionary fiscal policies, in which they wanted to to either increase government spending and lower taxes, the Recovery Act, or just lower taxes all together, the 2008 Stimulus Package. Both the 2008 Stimulus Package and the Recovery Act were both great moves in improving the economy by Bush and Obama. And while the Recovery Act may still be in affect, its progress is noticeable, and is improving our economy as it nears its completion.

Show More
Related

  • Summary Of Obama's Deal

    352 Words  | 1 Pages

    The documentary Obama’s Deal narrated by Jim Gilmore highlights the 44th Presidents’ endurance as he fought against a great resistance in reforming healthcare. This bill was the most complex bill in modern times says Gilmore. The Affordable Care Act eventually deemed Obama Care was a signature issue and Obama spent most of his first term focusing on this specific reformation. For the first African American President, the pushback was astronomical, and excuses were abundant, but he needed to prove that Washington could solve bigger problems so he relentlessly pursued every avenue he could explore to push this bill in the direction of reformation.

    Read More

  • Impact of Reaganomics on the American Economy

    1027 Words  | 3 Pages

    Immediately after being sworn into office, Reagan implemented the first of many tax cuts. The Economic Recovery Tax Act passed in 1981 took 20% off taxes from top income levels and 25% off taxes from all lower income levels. Additional tax cuts, enforced in 1986, lowered taxes for those with high incomes by another 28% and those with lower incomes by 15%. These cuts were enacted based on the principle that tax breaks for the upper echelon of society would encourage investment and spending, creating new jobs for lower income individuals. Though these acts helped America during an economic low, they had consequences which are still being felt today. During Reagan’s presidency the distribution of wealth shifted unfairly towards individuals...

    Read More

  • Liberal Franklin D. Roosevelt vs. Conservative Herbert C. Hoover

    1529 Words  | 4 Pages

    President Franklin D. Roosevelt is commonly thought of as a liberal and President Herbert C. Hoover as a conservative. To what extent are these characterizations valid?

    Read More

  • Compare And Contrast Reagan And Obama

    897 Words  | 2 Pages

    Back in 1980, Republican president nominee Ronald Reagan pledged throughout his campaign that it was his goal to “restore the great, confident roar of American progress, growth and optimism”. Restoration, reinvigoration, and reclamation of values believed to be lost by the presidential treachery he was succeeding. Fast forward to 2008, Democratic president nominee Barack Obama did not see a need for restoration, he saw a need for new waves with his slogan “change we can believe in” after the economic destruction by W. Bush. Being such dramatic foils, the two men represent different eras of American politics. The unprecedented election of Obama severed Reagan’s seemingly everlasting legacy, signaling real changes coming to the presidency. The “Reagan Revolution” is remembered as an era of conservatism and economic peace, while Obama’s terms are viewed with mixed emotions. Obama’s impact can definitely be argued, as political information was more readily accessible in his presidency than any other in history; thanks to new technology and social communications, but since time has passed, so can Reagan’s. The use of their presidential powers is what a president is remembered for. Assessing the ranges in their backgrounds, motivations, policy creation and execution, and overall achievements, one can determine

    Read More

  • Compare And Contrast The Great Depression And The New Deal

    1257 Words  | 3 Pages

    This made the government spend a lot of their money on programs to help recover all the lost jobs and to give businesses the confidence to spend money also. When the businesses saw that the government was actually willing to spend money it gave the business owners confidence to spend their money. Once the money started circulating around the economy would start slowly growing. The New Deal Programs were diverse relief schemes such as the Tennessee Valley Authority (TVA), Public Works Administration (PWA), Civil Works Administration and the National Recovery Administration (NRA).

    Read More

  • The Pros And Cons Of The Great Depression

    1272 Words  | 3 Pages

    (Klein) President Roosevelt took many of these ideas and put money into public works to give people jobs, as well as giving subsidies to farms to keep food supplies constant and accessible. Advocates of this approach claim it to have been successful, and many of the programs that were set up during the New Deal softened the blow of the 2009 recession decades later. Though these reforms did little to stop the recession from occurring in the first place, they did allow people the ability to weather the storm for a few years while the economy stabilized. Removing them would only leave open the people who would be hurt the most in another

    Read More

  • Relief Brought to the American People by Roosevelt's New Deal Programs

    1017 Words  | 3 Pages

    Having gone through severe unemployment, food shortages, and a seemingly remiss President Hoover, the American people were beginning to lose hope. But sentiments began to turn as FDR stepped into office and implemented his New Deal programs. FDR and his administration responded to the crisis by executing policies that would successfully address reform, relief, and, unsuccessfully, recovery. Although WWII ultimately recovered America from its depression, it was FDR’s response with the New Deal programs that stopped America’s economic downfall, relieved hundreds of Americans, reformed many policies, and consequently expanded government power.

    Read More

  • The American Recovery and Reinvestment Act

    1593 Words  | 4 Pages

    The total cost of the Recovery act to US taxpayers was $787 billion dollars. The bill itself was created with the belief that increases in spending on the federal level would create and save jobs during recessions. More specifically, the purpose of the bill was to create jobs, drop the unemployment rate, stimulate the economy, have better quality of schools, and have better quality and efficiency of everyday life. The allocations of funds designated by the law are as follows: $81 Billion for protecting the vulnerable, $43 billion for energy, $59 billion for healthcare, $144 billion for state budget relief, $8 billion for other needs, $111 Billion for infrastructure and science, $53 Billion in education and jobs training, and the largest portion $288 Billion in the form of tax relief through the use of tax credits and increase business deductions.

    Read More

  • Great Depression: Presidents Hoover And Franklin D. Roosevelt

    1004 Words  | 3 Pages

    Right as he came into office there were at least 13 million people without jobs and the banks were failing left and right. Therefore, during his presidency, Roosevelt created two plans to help the economy: the “First” New Deal and the “Second” New Deal. The First New Deal was formed in the first 100 days of Roosevelt’s presidency, and there were many programs intended to aid Americans in this crisis. Some of the programs are the Civilian Conservation Corps, which helped the environment and gave jobs to young men, the Agricultural Adjustment Act, which was created to balance the supply and demand of crops so farmers could make money, and many other programs. The First New Deal did not ultimately cause America to escape out of the depression; it did help people by doing things like creating jobs. Therefore, President Roosevelt made the Second New deal, which is considered to be more effective than the first because he created his new policies for a long term reform. One of his new programs was the Works Progress Administration (WPA), which hired more than 8 million people to build parks, roads, and airports. Another policy was the Social Security act, which is an insurance program that provides money to the unemployed, elderly, and people with disabilities. In the end, both deals combined did not help America out of the Great Depression in the long run, but according to Michael

    Read More

  • Bridging the Valley of Death

    2271 Words  | 5 Pages

    The key challenge that US policy must address the reduction of greenhouse gases while growing the economy. Recovery Act spending acted as a stimulus package to revive an economy heavily affected by the GFC(Aldy, 2012 p 3). While the recovery funds were aimed at stimulating the economy, President Obama stressed the importance of the development of renewable energies in his first State of the Union address (Roberts, Lassiter, & Nanda, 2010 p 3).

    Read More

  • The New Deal

    1578 Words  | 4 Pages

    ... still be living in a time very similar to the Great Depression. However, the New Deal did help to solve America’s problems, it did not end the depression, unemployment, or poverty; it did provide a sense of security to American citizens, and insure hope in their country (“New Deal” 3).

    Read More

  • Obama's Deal Reflection

    1182 Words  | 3 Pages

    The Frontline documentary, Obama’s Deal, tracks the course of Obama’s healthcare reform and the steps taken by the administration to get the bill passed. Healthcare was, and remains, one of the biggest platforms of the Obama administration and one of our nation’s greatest challenges. The film starts with Obama’s election into the White House in 2009. Rahm Emanuel, who had worked for the Clinton administration, was brought in to advise Obama on the reform. To win, Emanuel knew that Obama would have to move quickly as his campaign would be strongest at the beginning. But his crucial flaw was having Obama take a back seat on his own political agenda. Emanuel tried to change his mistakes from the Clinton administration’s healthcare failure, and

    Read More

  • Summary: The 2008 Financial Crisis

    886 Words  | 2 Pages

    ...avoiding even deeper collapse of the global GDP and of employment. The government also created the Troubled Asset Relief Program (TARP), for the establishment and administration of the treasury fund, in an effort to control the ongoing crisis.

    Read More

  • The New Deal Reforms

    1052 Words  | 3 Pages

    The New Deal reforms transformed the government in the long run but failed to accomplish immediate recovery from the Great Depression, it was not until World War 2 that the economy recuperated completely. The reforms were a landmark in US history, for the first time the government interfered, for the prosperity of the people. Works Cited Foner. I am a fad. Give Me a Liberty.

    Read More

  • American Recovery And Reinvestment Act Analysis

    983 Words  | 2 Pages

    The American Recovery and Reinvestment Act of 2009 was a stimulus package that was designed to get the economic and employment rate to increase to stop a recession in the United States. The bill was approved in February 2009 by President Barack Obama to add 789 billion dollars to stabilize the US economy. “This Act was originally called by its supporters the bill that was the only bill to save the nation from economic ruin” (Graham, 2009). Was this bill the bill to save the nation or was it a big waste? Did this act help the economy and did it really give the economy the boost that was expected with the changes in what it aimed to fix which included household consumption, firms, government spending, and net exports?

    Read More

More about George W. Bush Stimulus Package Vs. Barack Obama Stimulus Package

Open Document