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

898 words - 4 pages

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 down a new foundation for economic growth. Job losses one year into the Act are a fraction of what they were before it was implemented.

George W. Bush Stimulus Package

Former President George W. Bush signed the $170 Billion economic stimulus package, which was enacted on February 13, 2008. Bush went into detail about the package, saying such a growth must include tax incentives for business investments and quick tax relief for individuals. To be an effective economic stimulus package it would need to roughly represent 1 percent of the GDP. Treasury Secretary Henry Paulson had said 1 percent of GDP would equal to about $140 Billion to $150 Billion. Which would be sufficient enough to help give the economy a short-term boost. One time tax rebates were sent to at least 117 million low and middle-income households by the beginning of May. The government hoped that by doing this they would either prevent any recession or make...

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