Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/16/2013 (11 months ago)

Catholic Online (www.catholic.org)

President to make rose garden speech about efforts to shore up U.S. Economy

In the final days of George W. Bush's tenure in office, the United States economy went into an unbridled free fall. Lehman Brothers declared bankruptcy in 2008, plunging the nation into a profound recession. When Obama took office in January of 2009, he took controversial steps to stabilize the U.S. Economy. Five years later, the president is about to give a rose garden speech on the steps his administration took, and the progress that has been made. Many republicans have described Obama's measures as "mediocre" as best, and that much more work needs to be done.

The president's scheduled visit to the Ford plant is being interpreted that the White House plans to tout its accomplishments with the auto industry.

The president's scheduled visit to the Ford plant is being interpreted that the White House plans to tout its accomplishments with the auto industry.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

9/16/2013 (11 months ago)

Published in Politics & Policy

Keywords: Recession, president Obama, auto industry, criticism


LOS ANGELES, CA (Catholic Online) - House Speaker John Boehner maintains that economic growth remains shaky and national debt continues to grow. "The sooner President Obama starts working with both parties to . solve Washington's spending problem, the stronger our economy will be for all Americans," Boehner says.

It also appears that the American public doesn't view the economic situation through rose-colored glasses. Six in 10 Americans told Gallup last month that economic conditions are getting worse. An economist at the University of California, Berkeley, found this month that 95 percent of income gains from 2009 to 2012 went to the top one percent of earners.

The sluggish economic growth the U.S. has experienced since the economic crash of 2008 has primarily favored top earners, or the very rich -- while incomes for the vast majority of people have remained bogged down.

The president did admit in an interview that the rich have fared far better than the poor during his time in the White House.

"The folks in the middle and at the bottom haven't seen wage or income growth, not just over the last three, four years, but over the last 15 years," the president said on ABC's "This Week with George Stephanopoulos."

The president's scheduled visit to the Ford plant is being interpreted that the White House plans to tout its accomplishments with the auto industry.

General Motors, Chrysler Group and Ally Financial, the finance firm then known as GMAC, received $79.7 billion in both 2008 and 2009. While some of that assistance came in the form of loans, most of it was given to the companies in return for their stock. Stock sales, dividend and loan payments together have returned only $52.7 billion to the government, leaving a $27 billion deficit.

Obama's handling of the auto bailout was controversial at the time and became a sensitive topic during his 2012 election. Then GOP nominee Mitt Romney argued that the White House should have allowed the auto companies to go into a structured bankruptcy.

Senior economic adviser to the president Gene Sperling maintains that while the economic decisions the Obama administration made in 2009 were controversial, such as the Troubled Asset Relief Program, the auto bailout and revamped banking regulations - all have done much better than expected.

"These very difficult, bold and politically controversial measures that the president took in 2009 have uniformly performed better than almost anyone could have projected," Sperling, the outgoing director of the National Economic Council, said on a call with reporters.

Click here to learn about our 'Saint Michael the Archangel' conference this Nov 1-3!

---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Politics & Policy

Classic Cloward-Piven: Here's the simple reason why Obama is breaking the immigration system in the USA Watch

Image of Obama's Cloward-Piven strategy is showing.

By Catholic Online (NEWS CONSORTIUM)

You can't fix something unless you break it first. This appears to be what Obama has done to the U.S. immigration system. Political analysts now expect that Obama will use the current immigration crisis to overhaul the system into something he likes. But more ... continue reading


Stopping at nothing, Davos Man, Warren Buffett, donates staggering $1.2 billion to promote abortion Watch

Image of Obama awarding Buffett the Presidential Medal of Freedom.

By Marshall Connolly, Catholic Online (NEWS CONSORTIUM)

Warren Buffett has given $1.2 billion to fund abortion advocacy and "research." This startling conclusion comes from the New York Times, which is reporting that he donates hundreds of millions of dollars at a time to a foundation named after his late wife, Susan ... continue reading


Get ready America: Obama set to bypass Senate on international treaty Watch

Image of President Obama and his administration are getting ready to present a climate change treaty to the U.N. and are willing to ignore a Constitutionally required Senate approval to do so.

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama is working to create a sweeping international climate change agreement to compel nations to cut fossil fuel emissions; however, he is seeking to do this without ratification from Congress. LOS ANGELES, CA (Catholic Online) - This agreement is ... continue reading


That was one costly Web site! In fact the most expensive in Internet history. The Cost of Healthcare.gov estimated $1.7 Billion Watch

Image of The 60 contracts related to the development and operation of the Federal Marketplace started between January 2009 and January 2014. The contracts ranged from health benefit data collection and consumer research, to cloud computing and Web site development.

By Catholic Online (NEWS CONSORTIUM)

That's one might expensive Web site! It's estimated that the Healthcare. Gove Web site, intended to facilitate health care reform, or "Obamacare," has cost U.S. Taxpayers about $1.7 BILLION dollars. That's not even the half of it, as the U.S. government is ... continue reading


Obama administration announces new HHS mandate rules Watch

Image of Sylvia Burwell, HHS secretary, said that the new rules will ensure access to free contraception,

By CNA/EWTN News

The Department of Health and Human Services issued on Friday new rules regarding its contraception mandate, after the Supreme Court ruled against its application to certain companies this summer. (CNA/EWTN News) - The rules create a new way for non-profit groups to ... continue reading


BEEN THERE: Attorney General Eric Holder shares personal experiences while in Ferguson Watch

Image of Attorney General Eric Holder shakes hands with Bri Ehsan, right, following his meeting with students at St. Louis Community College Florissant Valley.

By Catholic Online (NEWS CONSORTIUM)

In Ferguson, Missouri to investigate the officer-involved shooting of teenager Michael Brown, Attorney General Eric Holder shared personal stories of his own encounters with racial discrimination. "I am the Attorney General of the United States, but I am also a ... continue reading


One percent? Try the MORE THAN A THIRD in U.S. who rely on Welfare Watch

Image of Back in the

By Catholic Online (NEWS CONSORTIUM)

Back in the "Occupy Wall Street" days, protestors rallied around the concept of the United States' "One Percent," which referred to the people with power in the U.S. government. On the other side of the coin, more than ONE THIRD of all U.S. households are now ... continue reading


SMILE FOR THE CAMERA! Texas Governor Rick Perry cheerfully turns himself in Watch

Image of Under duress, Texas Governor Rick Perry maintained an upbeat and positive attitude. Arriving at the Travis County courthouse in Austin for booking and fingerprinting, Perry gave a warm smile for his mug shot.

By Catholic Online (NEWS CONSORTIUM)

Under duress, Texas Governor Rick Perry maintained an upbeat and positive attitude. Arriving at the Travis County courthouse in Austin for booking and fingerprinting, Perry gave a warm smile for his mug shot. He's charged with felony corruption charges ... continue reading


HIDDEN FROM VIEW: President Obama renders decision largely in private, despite claims of transparency Watch

Image of Facing charges of executive overreach, to allegations that he is presiding over opaque policy-making, U.S. President Obama has been making decisions typically behind closed doors

By Catholic Online (NEWS CONSORTIUM)

Facing charges of executive overreach, to allegations that he is presiding over opaque policy-making, U.S. President Obama has been making decisions typically behind closed doors. Unilateral action on such issues as immigration, gay rights and tax policy has ... continue reading


Texas Governor Rick Perry assembles formidable high-profile defense team Watch

Image of According to Michael McCrum, the San Antonio-based special prosecutor presenting the case against Texas Governor Rick Perry, the governor may waive his arraignment altogether.

By Catholic Online (NEWS CONSORTIUM)

Texas Governor Rick Perry must now complete the humiliating process of being booked, fingerprinted and having his mug shot taken - but he's gathering a formidable legal team in his defense. High-powered attorneys are being gathered after his indictment on ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Jeremiah 1:17-19
17 'As for you, prepare yourself for action. Stand up ... Read More

Psalm, Psalms 71:1-2, 3-4, 5-6, 15, 17
1 In you, Yahweh, I take refuge, I shall never be put ... Read More

Gospel, Mark 6:17-29
17 Now it was this same Herod who had sent to have ... Read More

Saint of the Day

Saint of the Day for August 29th, 2014 Image

St. Sabina
August 29: St. Sabina's feast day is August 29th. We know St. Sabina only ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter