>>7235735 pb
>>7235931 pb
Hmm wonder what really happened to the 831 billion? HMMMM
The American Recovery and Reinvestment Act of 2009 (ARRA) (Pub.L. 111–5), nicknamed the Recovery Act, was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009. Developed in response to the Great Recession, the ARRA's primary objective was to save existing jobs and create new ones as soon as possible. Other objectives were to provide temporary relief programs for those most affected by the recession and invest in infrastructure, education, health, and renewable energy.
The approximate cost of the economic stimulus package was estimated to be $787 billion at the time of passage, later revised to $831 billion between 2009 and 2019.The ARRA's rationale was based on the Keynesian economic theory that, during recessions, the government should offset the decrease in private spending with an increase in public spending in order to save jobs and stop further economic deterioration.
Surveys of economists show overwhelming agreement that the stimulus reduced unemployment. In a 2014 IGM Forum survey, only one economist disagreed that the stimulus had lowered unemployment. The survey also showed majority support for the notion that the benefits of the stimulus outweighed the costs, with only two economists disagreeing.
The politics around the stimulus was very contentious. On the right, it spurred the Tea Party movement and may have contributed to Republicans winning the House in the 2010 midterms. Not a single Republican member of the House voted for the stimulus Only three Republican Senators voted for it. On the left, there were criticisms that the stimulus was watered down and did not do enough. Economist Paul Krugman argued that the stimulus was far smaller than the economic crisis warranted.
Both the House and the Senate versions of the bills were primarily written by Democratic Congressional committee leaders and their staffs. Because work on the bills started before President Obama officially took office on January 20, 2009, top aides to President-Elect Obama held multiple meetings with committee leaders and staffers. On January 10, 2009, President-Elect Obama's administration released a report that provided a preliminary analysis of the impact to jobs of some of the prototypical recovery packages that were being considered.
Composition of the Act:
Tax incentives – includes $15 B for Infrastructure and Science, $61 B for Protecting the Vulnerable, $25 B for Education and Training and $22 B for Energy, so total funds are $126 B for Infrastructure and Science, $142 B for Protecting the Vulnerable, $78 B for Education and Training, and $65 B for Energy.
State and Local Fiscal Relief – Prevents state and local cuts to health and education programs and state and local tax increases.
https://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009