Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

9/16/2013 (1 year 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 (1 year 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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for February 2015
General Intention:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Missionary Intention: That married people who are separated may find welcome and support in the Christian community.



Comments


More Politics & Policy

BANNING BULLETS: Obama to use executive action to ban ammo for popular hunting rifle Watch

Image of The inexpensive 5.56 M855 ammo, commonly called

By Catholic Online (NEWS CONSORTIUM)

Banning all firearms across the United States would take a massive effort, and certainly not many Americans would willingly give up their protection. According to a memo, U.S. President Barack Obama intends to use his executive powers to ban the bullets for the ... continue reading


Abercrombie & Fitch's 'looks policy' under fire for stark employee discrimination of Muslim girl Watch

Image of

By Abigail James (NEWS CONSORTIUM)

Abercrombie & Fitch faces yet another lawsuit for potential discrimination. The hip clothing store has previously been under fire for lack of racial diversity in both employment and advertisement and for limited sizing choices. LOS ANGELES, CA (Catholic Online) - ... continue reading


SHOCKING REPORT: Social Security card in hand, illegal immigrants can claim back tax benefits Watch

Image of Lawmakers have expressed distress that amnestied illegal immigrants could be potentially rewarded for illegal work.

By Catholic Online (NEWS CONSORTIUM)

Workers living and employed here illegally appear to be on a fast track to join the American dream. According to a Congressional Research Service, or CRS, memo, those illegal immigrants able to obtain Social Security Numbers and work permits due to President ... continue reading


NOT SO FAST! Net neutrality to get onceover before approval Watch

Image of Democrat Mignon Clyburn on the Federal Communications Commission wants to narrow the scope of new net neutrality rules set for a vote later this week.

By Catholic Online (NEWS CONSORTIUM)

The hotly debated "Net Neutrality" - which will determine how the 21st Century's preferred mode of communication and information - is not a sure thing, just yet. Democrat Mignon Clyburn on the Federal Communications Commission wants to narrow the scope of new ... continue reading


Democrats can dish it out - but are now shying away from Obamacare penalties Watch

Image of As those taxpayers discover the penalty they owe, they will already be racking up a new, higher penalty for 2015.

By Catholic Online (NEWS CONSORTIUM)

It looks like Democrats can dish it out, but can't take it. One of the stipulations of health care reform, or "Obamacare" was those who chose not to enroll had to pay a penalty come tax time. Now, as millions begin to file their taxes, Democrats are having ... continue reading


Human Tide: Texas' porous border allows thousands to flood in from Mexico Watch

Image of Speaking out on CBS's

By Catholic Online (NEWS CONSORTIUM)

Porous borders - one where demarcations are hazy and ill-defined, allowing people to cross over into another country without proper accounting, was one of the reasons for the Ebola crisis in East Africa. There exists a similar situation between the United ... continue reading


'Terror threat' from American right-wing extremists discussed at summit Watch

Image of The mastermind behind the Alfred P. Murrah building bombing attack, Timothy James

By Catholic Online (NEWS CONSORTIUM)

Domestic terrorism in the United States has long been an ongoing concern. The White House held a "Countering Violent Extremism" summit last week to talk about "extremist ideologies that radicalize." The summit did not address radical Islam in particular, but ... continue reading


Is Obama corrupt? Contracts for amnesty being pushed at 'full-throttle pace' by Department of Homeland Security Watch

Image of The population of potential requesters for the president's deferred action will be

By Catholic Online (NEWS CONSORTIUM)

Despite a federal court's decision to halt President Obama's amnesty order, the White House continues to award multi-million-dollar contracts to firms to process millions of illegal immigrants. LOS ANGELES, CA (Catholic Online) - The population of potential ... continue reading


Blackwell and Morrison: Obama's ISIS Policy - Above US Only Sky Watch

Image of With the murders this week of twenty-one Coptic Christians on the beach in Libya, the world has seen an example of the cruelty and barbarism. The Obama administration regularly denies it has anything to do with Islam.

By Ken Blackwell and Bob Morrison

With the murders this week of twenty-one Coptic Christians on the beach in Libya, the world has seen an example of the cruelty and barbarism. The Obama administration regularly denies it has anything to do with Islam. Islam must change. The world cannot survive ... continue reading


Ron Paul issues dire warning: Secession is happening Watch

Image of

By Abigail James (NEWS CONSORTIUM)

The time is here, the United States' may soon be no more. According to former Republican presidential candidate and congressman, Ron Paul, the states will stop listening to federal laws. LOS ANGELES, CA (Catholic Online) - "I would like to start off by talking about ... 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, Psalms 116:10, 15, 16-17, 18-19
4 I pleaded with Yahweh my God and made this ... Read More

Psalm, Psalms 116:10, 15, 16-17, 18-19
15 Costly in Yahweh's sight is the death of his ... Read More

Gospel, Mark 9:2-10
2 Six days later, Jesus took with him Peter and James ... Read More

Reading 2, Romans 8:31-34
31 After saying this, what can we add? If God is for ... Read More

Saint of the Day

Saint of the Day for March 1st, 2015 Image

St. David
March 1: According to tradition, St. David was the son of King Sant of ... 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