The 7 Ugly Truths About Obama’s $787 Billion Stimulus

7 deficit facts

One of the first moves of the Obama administration was a $787 billion government stimulus in early 2009 to prop up an ailing economy.

Many conservatives these days are focused on reining in government spending — and this undoubtedly will be a talking point in the days to come as GOP candidates and the president hunker down for Election Day 2012.

See the 7 Ugly Truths About Obama’s $787B Stimulus >
Was the stimulus just one more Washington boondoggle — a handout to special interests that wasted taxpayer money when we already are up to our eyeballs in debt?

Or was it a crucial intervention in a time of great need that helped prevent a recession from turning into a depression or worse?

The nonpartisan Congressional Budget Office has just come out with its report on the American Reinvestment and Recovery Act (referred to in the document as ARRA in typical beltway affection for acronyms and jargon).

And its findings on the real impact of the stimulus package are worth noting.

See the 7 Ugly Truths About Obama’s $787B Stimulus >

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Real Deficit Impact Is 5% Higher

The CBO estimates the total deficit impact of the spending actually will be $825 billion. That's a roughly 5% increase over that headline $787 billion price tag initially reported.


The Money Already Is Spent

Cost Per Job Between $196,750 and $562,000

Stimulus Had Substantive GDP Impact

Tax Cuts for the Rich, Homebuyer Credit and Corporate Tax Breaks Were a Waste

Short-Sighted and Irrational Americans Will Provide the Biggest Impact

9 States That Are Slashing Unemployment Benefits

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