Explanation:
On February 17, 2009, Obama signed the American Recovery and Reinvestment Act of 2009, a $ 831 billion economic stimulus package intended to help the economy recover from the deepening recession worldwide. The law increased federal spending by $ 573 billion for health care, infrastructure, education and social benefits, and the rest is used for tax relief - including a $ 116 billion tax cut that is benefited 95% of working families. Democrats overwhelmingly supported this measure, while only a few Republicans in the Senate supported the law.
Obama stepped into the troubled auto industry in March 2009, renewing loans for General Motors and Chrysler to continue operations while reorganizing. Over the following months, the White House established bankruptcy terms for both firms, including the sale of Chrysler to Italian automaker Fiat and a reorganization of General Motors giving the U.S. government a temporary 60% stake in the company, with the taking of the Canadian government a 12% stake.
In June 2009, not satisfied with the pace of economic stimulus, Obama asked his cabinet to accelerate investment. In late 2013, the Federal Government has disposed of (re-privatized) all of its investments in Chrysler and GM. By the end of 2016, taxpayers had recovered $ 71 billion from the $ 80 billion invested in the automotive industry.
In my conclusion this supposed "stimulus" had dire consequences, for example:
Approximately 8.7 million private sector jobs were lost between January 2008 and February 2010, due to the Great Recession. The unemployment rate (T-3) began to increase from 4.7% in November 2007 and reached 10.0% in October 2009 as the crisis deepened, approximately where it remained until November 2010. As of Then, it began a steady decline for the rest of his term, reaching 4.7% in 2016. Another measure of unemployment (U-6), which includes workers marginally attached to the workforce and part-time employees for economic reasons, it rose from 8.4% in November 2007 and reached 17.1% in November 2009, approximately where it remained until November 2010. Thereafter, a steady decline began to reach 9.4 % in January 2017.
