Wednesday, July 8, 2009

Black News: Obama Getting Criticized for Stimulus Plan


NEW YORK ( -- Nearly five months after President Obama signed the American Recovery and Reinvestment Act (ARRA), a still-worsening economy has many wondering if stimulus is a bunch of baloney.

In February, the stimulus bill was passed with the promise that funds would be paid out quickly to save or create 750,000 jobs by early August. Without it, the Obama administration said, unemployment could rise to 9% in 2010.

With August quickly approaching, $56.3 billion, or 10% of stimulus funds have been paid out, and the unemployment rate has already risen to 9.5%.

As a result, there's debate about whether stimulus has put the economy on a path to recovery or is merely a broken promise. Some economists are already calling for a second stimulus bill as the economy continues to falter, arguing the stimulus wasn't strong enough and isn't being paid out fast enough.

On the other hand, many Republicans and even some Democrats are saying that parts of the plan were a waste of money.

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