The Stimulus is three years old but is it working?
POSTED: Friday, February 17, 2012 - 8:16am
UPDATED: Friday, February 17, 2012 - 8:17am
NBC NATIONAL NEWS — Flash back to three years when the nation was losing three quarters of a million jobs every month.
We'd just spent billions to bail out Wall Street and the auto industry, and a brand new President convinced Congress to spend billions more.
The stimulus: 787 billion for tax breaks, unemployment checks, and so called shovel-ready projects to create jobs.
Democrats called it our only hope.
Republicans said it would never work.
'Our economy is getting stronger. The recovery is accelerating. America is coming back,' said President Barack Obama.
There is no shortage of critics on the campaign trail.
'This President is not going to get credit for this economy coming back. He's gonna get blamed for taking so long,' said Mitt Romney (R) Presidential Candidate.
'The money goes to Washington, but it never gets distributed fairly,' declared Ron Paul (R) Presidential Candidate.
'This President is not interested in my opinion in providing jobs. He's interested in providing benefits,' said Rick Santorum/ (R) Presidential Candidate.
Unemployment back then was 8.1 percent which was a twenty-five year high.
Today the unemployment rate is 8.3 percent and falling.
Jobs lost in February 09 was 651,000.
Jobs created this past month was 243,000.
Economic growth was down almost 7 percent back then.
Today 2.5 straight years of growth.
'If the economy keeps moving forward over the next three or four months, it's going to be very tough to beat Mr. Obama,' stated Prof. Peter Morici, Economist, Univ. of Md.
But there are challenges.
The nation's debt is at an all-time high at15 trillion and counting,
And 12 million Americans remain unemployed.