Compare And Contrast The American Recovery And Reinvestment Act Of 2009

The American Recovery and Reinvestment Act of 2009 is also known as the Stimulus Bill. In December 2007, the United States economy underwent a deep recession, likewise to the Great Depression, the economy suffered a great loss. Because of this economic downfall, consumers started to spend less, therefore, at the 2008 presidential election, President Obama decided to take action and created an incentive act. Initially, the estimated cost of the formation and enforcement was $275 billion. Due to the fact, many politicians and economists wanted to put the bill into action, that they were willing to provide $900 billion. Overall, the bill included new tax expenditures, and was targeted to assist the unemployed people, health care, education,
and law enforcement. In order to better the economy, President Obama knew he had to create a system, which would somehow motivate people to restart the economy. This program would give the people hope by having him try to create jobs and save those in danger. However, once the bill was approved, its cost was about $787 billion. After approval, it went into action on February 17, 2009.