Why Obama's Stimulus Program Did Not Work!!
The American Recovery and Reinvestment Act was meant to stimulate growth
and inject capital across a broad range of areas struggling as a result
of the flailing economy. This was achieved by providing funds in
several different ways. The spending of funds can be broken down into
23 target groups. Those groups are as follows: aid to low-income
workers, alternative minimum tax, auto sales, bonds, bonus depreciation,
direct cash payments, education, energy, energy production, expanded
child credit, expanded college credit, expanded earned income tax
credit, government contractors, health care, home energy credit,
homebuyer credit, homeland security, infrastructure, law enforcement,
money losing companies, new tax credit, repeal bank credit, and
unemployment. Various sectors received benefits as a result of The
American Recovery and Reinvestment Act. Most prominent recipients of
assistance are the banking sector and auto industry. By investing in a
wide range of sectors within the economy, the bill proposed a
strengthened economic base across a wide range of sectors which had
either suffered as a result of the economic collapse or provided an
opportunity for much needed upgrades that the government could provide
through the funding of projects.(Bold face added.)
Notice all the people who got a slice of the pie until there was nothing left to spend creating real jobs.
Also notice which two sectors received the most money from the AR&RA!!!! How many new jobs on Wall Street were created? And how many jobs were created in the auto industry? Note that the two auto companies that got ALL the money have about a 20% share of market. The other 80%, including Ford, was, and is, alive and well, and are creating jobs all by themselves!