President president managed to get the Congress support
May 28, 2019
Obama’s tenure in office began in the middle of the worst financial crisis ever
to be experienced since the economic recession of the 1930s. However, despite
the strong efforts by the opposition Republicans member in Congress to
frustrate his objectives to end the economic recession, he worked hard to
revive the failing economy. This was done through a number of fiscal measures.
Most specifically, the president aimed to restore the falling economy through
the use of economic stimulus as and a bailout program. The president managed to get the Congress
support in his effort to restore the economy where the Congress enacted the
famous “American Recovery and Reinvestment Act of 2009” (Wolf, 2017).
2009 Act constituted of the “United States economic stimulus and bailout
program” (Wolf, 2017). The major objective of this program was to bring to an
end the continued 2008 economic recession. Ending the recession was to be
achieved through saving the already available employment as well as and facilitating
the creation of new employment opportunities to the United States citizens and
also facilitate and promote an increase in consumer spending. Even if the 2009
stimulus and bailout program was aimed at providing a short-term economic
relief program especially for those hit hard by the 2008/2009 economic
recession, the program had long-term effects on the economy as the government
managed to stabilize the economy through ending of the economic recession
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addition, the stimulus and bailout program helped the US citizen to access to
the personal rights such as access to affordable education and access to better
healthcare. This is because the program invested heavily in improving the
United States infrastructure, education, clean energy as well as healthcare
provision. The economic stimulus and bailout program helped in facilitating the
development of the confidence deemed necessary in boosting or stimulating the
economic growth. The manufacturers and other industries benefited from the restored
trust in banking and financial sector (Verick, & Islam, 2010). This was
achieved through the famous limitation of the different organization’s top
official’s bonuses by the Troubled Asset Recovery Program.
despite President Obama’s program receiving much criticism, it managed to bring
about the much-awaited recovery for the 2008/2009 economic recession in the
United States. In addition, the program facilitated the restoration of respect
for consumer rights as consumers were able to access to different products at
fair prices and with minimal shortages. The bailout also managed to positively
impact the global economy and it also helped the US dollar in gaining its lost
value. At his exit from the office, President Obama handed over a stable economy
to the current president Trump thus increasing the chances of great economic
performance if the new president follows suit.