During an economic uncertainly the government has to make decisions that it believes will help the country in its time of need. In 2009 when the country continued to face dreadful economic circumstances involving jobs and a movement of money. In order to set economic recovery into motion, President Obama called for the passing of the American Recovery and Reinvestment Act of 2009 (ARRA). This is known as the stimulus bill. This bill was very important to many government officials in order to get the country back on its feet. Crucial differences in policy and bill structure could be viewed in assessing the opinions Democrats and Republicans brought to the floor in terms of the bill being passed. Understanding the basis of the bill, along with gauging the opinions of two noted leaders from each party, one can better assess the capacity of which political communication, the mass media, and public opinion have upon the passage of such bills, and more specifically the ARRA of 2009.
As previously noted, the American Recovery and Reinvestment Act of 2009 or the stimulus is an economic package enacted by the United States Congress in February of 2009 and signed into law by President Barack Obama on February 17, 2009. The bill was set in motion in order to combat the effects of the late-2000s recession. During this time, the United States suffered greatly from a severe and continuous economic problem that began in late 2007 and took a drastic and sharp downward turn in the fall of 2008. The economic landscape of the time saw unparalleled unemployment, drastic issues in the housing market, and an overall case of economic calamity. The stimulus bill was set into motion in order to both save and create jobs first and foremost. Secondly, the ...
... middle of paper ...
...ush administration were tolerated by Republicans. Now, Republicans’ demand perfection of Obama before approving his plans. Yes, the Obama stimulus plan is not perfectly planned and may not work, but what other option have they given us? Yes, Obama will make some mistakes which he publicly acknowledges unlike someone we all know. But Obama is trying expeditiously to move our country to higher ground in all areas to avoid total depression. It is time for Republicans to stop making political, ideological war on Obama and start aiding Democrats on practical solutions. The stimulus package is only the beginning of mighty efforts to save our economy and build our nations confidence. Taxing is important, but Republicans would do well to concentrate on saving and creating jobs and unleashing sound credit to restore the vanishing American dream for the middle class.
Stephen Skowronek writes about political time and how one can determine the legacy a president will leave behind at the time their presidency is done. The president has immense powers when he comes to office, but the challenges they each face vary depending on the time they take office. Skowronek analyzes and demonstrates that the most essential factor for a president to attempt to legitimize his actions and orders will be the actions of the president before him. Following the actions of George W. Bush is how we can determine where Barack Obama falls under and follow the chain to the next president. If Hillary Clinton were to win the 2016 election, she would fall under the politics of articulation and Barack Obama would fall under the politics of pre-emption.
Teslik, Lee. "Backgrounder: The U.S. Economic Stimulus Plan." The New York Times, January 27, 2009.
... 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.
One of the most important aspects of Reagan’s time in office was his domestic policy. He knew to have a successful presidency and create a strong, the people of the United States needed to be cared for. His first goal was to turn the economy around from the stagflation it encounter in the Carter era. Stagflation is very similar to inflation. The main difference is that inflation is the result of a quick economic growth while causes the value of money to decrease with now economic growth. To accomplish the turn around, Reagan introduce his economic policy which became known as Reaganomics. Reaganomics was based in supply side economics. This economic theory says that lowering taxes through tax cuts increases revenue by allowing more money
The reality of the worst financial crisis in the last 80 years has led to wide speculation of its causes. While a plethora of theories have been offered, none have been as persistent and as patently false as the assertion that the Community Reinvestment Act of 1977 played a significant role in the housing bubble collapse. Critics of the Community Investment Act (CRA) argue that by pushing banks to meet the credit needs of low-income borrowers, the law forced lending institutions to take on riskier loans that proved to be fiscally irresponsible. The securitization and speculation of these low quality loans led to the housing bubble collapse and the wider financial crisis. This argument is subject to a number of problems, namely: the CRA never mandated lower lending standards, the CRA was enacted over a quarter of a century before the housing crash took place, none of the hundreds of banks that collapsed were subject to CRA legislation, CRA loans had a historically low level of default, and CRA loans comprised an extremely low amount of subprime loans during the relevant period of the crisis. While the CRA may have played some small part in the collapse of the housing bubble and subsequent financial crisis, it is clear that its effect was negligible. There are simply too many mitigating factors that limit the extent to which the CRA could have adversely affected the housing market for the theory to be plausible.
...vailable for stimulus programs to boost the economy out of the 2008 financial crisis. This caused fewer jobs to be created, which meant less tax revenue and more debt.
In his book, A New Deal for the American People, Roger Biles analyzes the programs of the New Deal in regards to their impact on the American society as a whole. He discusses the successes and failures of the New Deal policy, and highlights the role it played in the forming of American history. He claims that the New Deal reform preserved the foundation of American federalism and represented the second American Revolution. Biles argues that despite its little reforms and un-revolutionary programs, the New Deal formed a very limited system with the creation of four stabilizers that helped to prevent another depression and balance the economy.
Assessment of the Success of the New Deal FDR introduced the New Deal to help the people most affected by the depression of October 1929. The Wall Street Crash of October 24th 1929 in America signalled the start of the depression in which America would fall into serious economic depression. The depression started because some people lost confidence in the fact that their share prices would continue to rise forever, they sold their shares which started a mass panic in which many shares were sold. The rate at which people were selling their shares was so quick that the teleprinters could not keep up, therefore share prices continued to fall making them worthless. Also causing many people to lose their jobs as the owners of factories could not afford to pay the workers wages.
The president has a significant amount of power; however, this power is not unlimited, as it is kept in check by both the judicial and legislative branches. The president is held responsible for passing legislation that will improve the lives of everyday Americans, even though he shares his legislative powers with Congress. The sharing of power acts as an impediment to the president’s ability to pass legislation quickly and in the form it was originally conceived. However, Americans do not take this into account when judging a president, as they fully expect him to fulfill all of the promises he makes during his campaign. By making promises to pass monumental legislation once elected without mentioning that Congress stands as an obstacle that must be hurdled first, the president creates unrealistic expectations of what he can fulfill during his time in office (Jenkins-Smith, Silva, and Waterman, 2005). A president is expected to have the characteristics that will allow him to efficiently and effectively lead the nation and to accomplish the goals he set during his campaign (Jenkins-Smith et al., 2005). There have been a handful of presidents that have been immortalized as the ideal person to lead the United States and if a president does not live up to these lofty expectations the American public will inevitably be disappointed. Since every president is expected to accomplish great things during his presidency, he is forced to created and project a favorable image through unrealistic promises. The combination of preconceived ideas of the perfect president and the various promises made by presidential candidates during their campaign create unrealistic expectations of the president by the American public.
The American Recovery and Reinvestment Act was signed into law by President Obama on February 21, 2009. The law had three major goals which were all aimed at stimulating a sluggish US economy. The first goal was to create new jobs and save existing ones by tax credits for hiring new employees. The second goal was to spur economic activity and investment in long term growth by increasing the amount of business asset that could be acquired by companies while allowing for immediate deductions for the cost of the assets as well as numerous tax credits for individuals and businesses. The third goal was to foster unprecedented levels of accountability and transparency in government spending by requiring recipients of recovery act funds to post acknowledgements on the Recovery.gov website.
In the early years of 2009 to 2010 the political process pushed health care through legislation led by Senate Majority Leader Harry Reid (Health care and government, 2013). This process was extraordinarily tiring, as many defenders of the bills passing were present. Many congressional members “dug their heels in”, and wanted to slow down the process even more as confusion about the bill was posed (Health care and government, 2013). Despite opposition by many sides of the American people, a Democrat-dominated House of Representatives passed the bill and the Affordable Care Act was signed into action on March 21, 2010 (Hogberg, 2013). Indeed, all three branches of government were instrumental with the passing the Affordable Care Act into place.
In the year 1789, the first presidential election took place under the new constitution. The changes between then and now are too many to count. There have been amendments to the constitution, technology has enhanced, communication is better, strategies have grown and the world is a different place. In every election, each president had his or her own strengths and weaknesses of their time. In the presidential election of 2012 between Obama and Romney, many economic and personal characteristics held importance on Election Day. In this research paper, I will look at the issues that voters had and discuss how each candidate addressed them. I will also share other important information that contributed to the outcome of the election.
The political parties continually blame each other in a never-ending cycle, while the state of the economy keeps falling and the national debt keeps rising. Along with that, many functions of the government, such as tax reform and Social Security, have ‘leaks’ in them, where money is being lost. As researchers look into the crisis more and more, they keep finding scary results, such as the predicted debt in 2035 being 185 percent of the country’s (GDP). Despite the work of economists, an economic problem of this seriousness has not ever appeared before. The National Commission on Fiscal Responsibility and Reform worked to create a document that would lead Washington towards a solution, however this article has both advantages and disadvantages in it.
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).
...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.