Obama Debt Recovery Program: A Failure

Due to the Obama Debt Recovery Program, better known as the Recovery and Reinvestment Act, the government has been relentlessly fending off criticism and skepticism from the scrutinizing public and members of the opposing party.  As explained by federal officials and the President himself, this act aims to invest money into the economy, indirectly increasing stocks which results in the creation of jobs for the citizens.  However, results have not met the expectations of the nation’s majority.

Critics are calling for additional action from the government, emphasizing to them the real magnitude of the economy’s problems. They are being contended, however, by Obama’s economic advisers who present more optimistic predictions related to the contribution of government spending in the boosting of the economy. According to L. Summers, director of the White House National Council, the economic stimulus package is working as planned. The Obama Debt Recovery Program was intended to stimulate the economy over a two-year period, and is claimed to be still aligned with that. Officials say that it is only but natural that market recovery slightly lags behind economic recovery. It is thus highly likely that unemployment rates will continue to rise, and will not decrease until sometime in 2010.

However, contrary to the predicted creation of 600,000 jobs by summer, the economy actually has lost over two million jobs since the Obama administration took over, who has only managed to save about 150,000 jobs. The crux of the matter is that the people want to actually see the jobs and the improvements. They want to see what’s beyond this seemingly faulty plan. But they are instead disappointed and frustrated with the outcome of events. There is thus a huge possibility that the administration will not be given the two-year period it claims to need to make the plan work.

Aside from the insufficiency of job creation, other critics have likewise voiced out their opinions about the other flaws in the Recovery program. To sum it all up, the criticisms are basically blatantly pointing out that the government has unfortunately been too optimistic about the matter and has fatally misread the economy and its trend. The government spending intended for the plan is sadly proving to be an extremely slow, small and inefficient way to save the country’s economy. They are urging the administration to prepare for the worst and become open to the idea of a second program—their plan B.

As the economy plummets, the unemployment rate continues to go uphill, and cost of living in the country becomes steeper, citizens have no one to rely on but the government especially in this time of crisis. On the other hand, time is what the government is asking for. But it seems that the citizens strongly believe that there is no more time. The economic crisis gripping the country is becoming worse, and more and more people are suffering the consequences. If things do not look up as predicted by the government, then they would be in danger of political struggles, public mutiny and many other disastrous possibilities.