Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/16/2013 (10 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 (10 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 July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Politics & Policy

FREE SPEECH VIOLATED: Tea party groups' lawsuit against IRS proceeds Watch

Image of Among the individuals named in the lawsuit is Lois Lerner, who headed the division that processes applications for tax-exempt status at that time.

By Catholic Online (NEWS CONSORTIUM)

They're not going to take it - and they're taking their claims to court. A federal judge has allowed a lawsuit by 10 tea party groups to move forward against the Internal Revenue Service. The judge rejected a request by the federal government to dismiss all the ... continue reading


'Suing the president is the right path to go down here,' Boehner declares Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

The House of Representatives has no plans to use its own constitutional authority to withhold funding from actions by President Obama. House Speaker John Boehner (R-Ohio) indicated that if the president takes actions that exceed his constitutional authority, ... continue reading


Federal government says state death penalties are 'unconstitutional' Watch

Image of A federal judge has called California's death penalty unconstitutional. Surprisingly though, this judge is a conservative republican, a party that has long opposed federal overreach into state rights.

By Catholic Online (NEWS CONSORTIUM)

A federal judge ruled that California's death penalty is unconstitutional on July 16, claiming that the state's system is arbitrary, unfair, and cruel and unusual because of a lengthy process that leaves prisoners in the dark about their actual death row status. ... continue reading


'American people have a right to know,' Issa proclaims Watch

Image of Darrel Issa says that Simas' testimony was

By Catholic Online (NEWS CONSORTIUM)

Oversight Committee Chairman Darrell Issa of California said administration claims that White House political director David Simas was immune from testimony were "absurd" and "deeply disturbing." Defying a subpoena, Issa has now set up a new high-profile fight ... continue reading


Cheat on your taxes? It just got a lot easier Watch

Image of If you still fear a knock at your door anytime soon, it must be noted that one's chances of getting audited vary greatly and are based on income.

By Catholic Online (NEWS CONSORTIUM)

If you cheat on your taxes - or senselessly worry that some indiscretion in your recent past will have the Internal Revenue Service shortly breathing down your neck - things just got a little bit brighter. The GOP-controlled House has voted to slash the budget ... continue reading


While federal tax revenues are at an all-time high - federal government still running a deficit Watch

Image of What's the old saying?

By Catholic Online (NEWS CONSORTIUM)

While federal tax revenues continue to run at a record pace in fiscal 2014, their still no way out of the forest yet. The federal government's total receipts for the fiscal year closed last month at an unprecedented $2,258,565,000,000, according to the Monthly ... continue reading


President Obama accused of being insufficiently engaged in border crisis Watch

Image of President Obama wishes to make clear to parents and adults in Central America that there is no payoff for sending their children on the dangerous journey northward.

By Catholic Online (NEWS CONSORTIUM)

With hundreds, if not thousands of unaccompanied children streaming across the United States' southwest border with Texas - and more on the way - America's border security and policies may be in transition. Republicans and some Democrats have since accused U.S. ... continue reading


Put the spotlight - ON ME: Obama uses first person singular 99 TIMES in speech Watch

Image of In President Obama's recent speech, he used a first person singular, on average, every 12 seconds.

By Catholic Online (NEWS CONSORTIUM)

"I," "Me," sand "My" were words used by U.S. President Barack Obama in a speech vowing unilateral action. In fact, Obama used the first person singular a whopping 199 times. This figure did not account for instances when he quoted a letter from a citizen or ... continue reading


Engage world with Catholic principles

Image of Catholic Social Doctrine

By Kevin Jones

NON-NEGOTIABLE: Essential Principals of a Just Society and Human Culture. Denver, CO (CNS) - Catholic involvement in civic life is necessary to defend human dignity and move society in a positive direction, says the author of a new book on Catholics principles in ... continue reading


Muslims, more than any other religious group, approve of Obama's performance Watch

Image of U.S. President Barack Obama as he visited Kenya in 2006.

By Catholic Online (NEWS CONSORTIUM)

Seventy-two percent of poll respondents who identify their religion as Muslim say they approve of U.S. President Barack Obama's performance. Muslims, more than any other religious group approve of Obama's overall performance in a recent Gallup Poll. LOS ... 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, Song of Songs 3:1-4
1 On my bed at night I sought the man who is my ... Read More

Psalm, Psalms 63:2, 3-4, 5-6, 8-9
2 Thus I have gazed on you in the sanctuary, seeing ... Read More

Gospel, John 20:1-2, 11-18
1 It was very early on the first day of the week and ... Read More

Saint of the Day

Saint of the Day for July 22nd, 2014 Image

St. Mary Magdelene
July 22: She is called "the Penitent". St. Mary was given the ... 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