The chart shows that the United States is just one of two countries where GDP has returned to pre-crisis levels, the other being Germany. The report primarily attributes the U.S. economic recovery to Obamas 2009 stimulus package, known as the American Recovery and Reinvestment Act. The Council of Economic Advisers estimated in the report that the Recovery Act saved or created roughly 6 million job-years, where a job-year is defined as one full-time job for one year. Other jobs measures contributing to the economic recovery, include the extensions of unemployment insurance, the payroll tax cut and other tax cuts for business investment and hiring and the auto industry bailout as well as investments in social safety net programs that helped keep millions of Americans out of poverty. The fact that the United States has been one of the best performing economies in the wake of the crisis supports the view that the full set of policy interventions in the United States made a major difference in averting a substantially worse outcome. So stick it where the sun dont shine you Obama haters.
Posted on: Tue, 18 Mar 2014 15:33:31 +0000
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