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Posts Tagged ‘Stimulus Package Prevented A Depression’

Obama: Stimulus package prevented another depression

By Raw Story
Wednesday, February 17th, 2010 — 3:13 pm

On the anniversary of his huge stimulus bill, President Barack Obama admitted Wednesday that millions of Americans had yet to feel the economic recovery, but insisted he had staved off a depression.

Obama also lashed out at Republicans he accused of misrepresenting the aims and achievements of the $862-billion mix of tax cuts and government spending, which he said had saved or created two million jobs.

“One year later, it is largely thanks to the Recovery Act that a second depression is no longer a possibility,” Obama said, at an event marking the anniversary of the day he signed the bill last year in Denver, Colorado.

“We acted because failure to do so would have led to catastrophe.”

Obama’s remarks came the same day as the New York Times‘ David Leonhardt reported that the “best-known economic research firms” agree the stimulus package created somewhere between 1.6 million and 1.8 million jobs, with the final tally expected to be around 2.5 million.

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