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Obama’s Economic Recovery Plan Essay

2522 words - 10 pages

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Obama's Economic Recovery PlanCalifornia Lutheran UniversityMedia and Public AdministrationMPPA 582April 25, 2009Obama's Economic Recovery PlanWhen President Obama's administration took office on January 20, 2009, the president's biggest challenge was what his administration's plan was to revive the US economy. Prior to taking office, economic indicators were in a downward spiral and people throughout the States were suffering as they witnessed their property values go down, retirement accounts shrink and unemployment levels on the rise. Not since the Great Depression has the United States witnessed such a dire economic situation. The major news outlets coverage has been mixed at best. While most Americans want President Obama to be successful many are doubtful the newly elected president's agenda will achieve any lasting effect. This paper will analyze how media bias, as it relates to the president's economic recovery plan, is being used to shape the opinions of the American people.On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act (ARRA). Following the signing of the massive spending bill, Obama commented on the excesses of previous administrations and the private sector as the main culprits in causing the current economic crisis. "The current economic crisis is the result of many years of irresponsibility, both in government and in the private sector" (The White House, 2009). Obama's recovery plan will focus on creating jobs, keeping Americans in their homes and bringing stability to the financial markets. The Obama administration believes its first priority is to create jobs and put Americans back to work. Obama believes the passage of this legislation will save or create approximately 3.5 million jobs by investing in healthcare, education, energy, and infrastructure. The second component of ARRA is to shore up the declining housing market. The administration plans to accomplish this by allowing home owners who are at risk of going into foreclosure or have seen their property values decline below the current market value to renegotiate the terms of their loan. The administration has already committed $75 billion to be used for loan modification. The administration launched MakingHomeAffordable.gov, where borrowers can learn basic facts about mortgages, homeownership, and resources available. Even though market stability is mentioned last on the administrations website; bringing stability to the financial markets is the linchpin to the president's eventual economic recovery. The administration will have to focus on getting credit flowing again so that businesses can continue to operate. The credit crisis has a domino effect on the later two components of the ARRA. Without credit businesses will be forced to cutback, thus lay off employees and banks will not have the capital necessary to shore up the housing market. The credit crisis tentacles have far reaching effects in the...

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