Making one of his rare public comments, former president Barack Obama tweeted to remind all and sundry about the 11th anniversary Monday of the historic American Recovery and Reinvestment Act of 2009 (ARRA), more widely known as the Recovery Act, which triggered the unbroken economic growth powering the U.S. economy to this day.
Obama's Recovery Act also saved the United States from plunging into a devastating economic recession that would have likely been worse than the Great Depression of 1929. The job growth now experienced by the Trump administration is only a continuation of Obama's economy.
Whatever the U.S. is today is a direct result of Obama's Recovery Act. And the $831 billion stimulus provided by Obama triggered the longest period of economic growth and job creation in American history.
"Eleven years ago today, near the bottom of the worst recession in generations, I signed the Recovery Act, paving the way for more than a decade of economic growth and the longest streak of job creation in American history" tweeted Obama alongside a photo of his signature on the bill.
Obama's Recovery Act and other far-sighted Obama policies ignited the decade-long recovery from the Great Recession, which began in December 2007 under former president George Bush, a Republican.
ARRA was an $831 billion economic stimulus package enacted by the 111th U.S. Congress and signed into law by Obama on Feb. 17, 2009. It was crafted to lead the U.S. out of the Great Recession.
The main objective of the Recovery Act was to save existing jobs and immediately create new ones. The act also sought to provide temporary relief programs for Americans most affected by the Great Recession while boosting investments in infrastructure, education, health and renewable energy.
Economists agree the Recovery Act got the United States out of the worst economic mess it faced since the Great Depression of 1929. They also say the act helped get the economy back on track and laid the groundwork for economic gains under Trump. The act also ignited the annual drop in the unemployment rate that continues to this day.
Under Obama, the unemployment rate fell annually after reaching a high of 10% early in his first term in 2008. Unemployment has continued to fall under Trump. The unemployment rate is at the lowest it's been over the last 50 years.
Analysts point out each of the last three years of Obama's economy was stronger than Trump's 2019 when adjusted for trade, inventory impacts and government spending.
