When President George W. Bush signed the Economic Stimulus Act of 2008 and sent us all a government check, the economy was well into a recession that would get much worse.
The government later bailed out financial institutions because their collapse threatened to bring the economy to a halt.
Those were frightening days, when people worried that the nation was about to repeat the Great Depression that hung around for a decade.
Wednesday, President Barack Obama reminded a grumbling nation of those days and how the economy is gradually bouncing back. The rebound isn’t nearly as rapid as any of us would like, but as the president said, a depression is no longer a possibility.
The president made the statement on the one-year anniversary of the $787 billion American Economic Recovery and Investment Act.
Millions of people are still out of work, as the president noted. He also emphasized that the recovery program wasn’t meant to put everyone back to work, but to stop the slide, build confidence and help people survive the hard times.
The president is looking to the private sector to generate jobs and fuel the economy — not government — although it is giving work to 3.5 million.
It is difficult to ask someone without a job to be patient, but the Great Depression lasted from 1929 to 1939 and the recovery was slow.
Not registered? Click here
|High School Sports||@DecaturPreps|