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One hundred days after he signed the $787 billion economic stimulus package, President Obama lauded the impact of the bill during a speech
He announced funding for two new stimulus programs, one for solar energy technologies and another for developing the use of geothermal energy.
He also argued that "we have carved out a path toward progress," adding that said progress "happens slowly, in fits and starts, but it always happens surely when we are dedicated to bringing about change."
Federal tax revenue plunged $138 billion, or 34%, in April vs. a year ago — the biggest April drop since 1981, a study released Tuesday by the American Institute for Economic Research says.
When the economy slumps, so does tax revenue, and this recession has been no different, says Kerry Lynch, senior fellow at the AIER and author of the study. "It illustrates how severe the recession has been."
For example, 6 million people lost jobs in the 12 months ended in April — and that means far fewer dollars from income taxes. Income tax revenue dropped 44% from a year ago.
The president argued that the bill "has helped to fuel demand that is helping businesses put more Americans back to work" and said it has already saved or created nearly 150,000 jobs.
The number of unemployed persons increased by 563,000 to 13.7 million in
April, and the unemployment rate rose to 8.9 percent. Over the past 12 months,
the number of unemployed persons has risen by 6.0 million, and the unemployment
rate has grown by 3.9 percentage points. (See table A-1.)
Originally posted by ModernAcademia
One hundred days after he signed the $9 Trillion economic stimulus package, President Obama lauded the impact of the bill during a speech
Total price tag so far: $7.2 trillion in investment and loans. That puts a lot of taxpayer money at risk. Now comes President-elect Barack Obama's economic stimulus plan, some details of which were made public on Monday. The tally is getting awfully close to $8 trillion.