Thread by @didikins4life

American Recovery and Reinvestment Act (ARRA), enacted by the U.S. Congress & signed into law by Pres. Barack Obama in 2009, designed to stimulate the U.S. economy by saving jobs jeopardized by the Great Recession of 2008–09 and creating new jobs #DemHistory #ForAll

Obama’s first major legislative effort was to enact a recovery program that would stimulate the economy by creating or saving millions of jobs and staunching the bleeding from the recession. #DemHistory #ForAll #DemsWork4USA

#ARRA introduced in the House of Representatives less than a week after Obama assumed office/on 1/28/09 the House passed its version of the bill, which envisioned an $819B package of gov spending & tax cuts & was passed without the support of any Republicans #DemHistory #ForAll

The federal bailout of General Motors Co, Chrysler and parts suppliers in 2009 saved 1.5 million U.S. jobs and preserved $105.3 billion in personal and social insurance tax collections, according to a 2013 study. (Reuters) #DemHistory #WhyIVoteDemocrat

The Obama administration loaned the auto industry, including GM and Chrysler, $80 billion to avoid the collapse of the industry that they felt would result in the loss of millions of U.S. jobs. #DemHistory #WhyIVoteDemocrat

The Center for Automotive Research (CAR) in Ann Arbor, Michigan, estimated in its study that the bailout saved a lot of jobs, even crediting for a rebound of the industry in 2010 after the initial fallout. #DemHistory #WhyIVoteDemocrat

“Two consecutive executive administrations in Washington decided in late 2008 &early 2009 that the consequences of potential losses &outcomes to the U.S. economy were worth avoiding through a federal intervention," Sean McAlinden, the center's chief economist, said.#DemHistory

CAR estimated that a complete shutdown of the industry that was bailed out in 2009 would have resulted in the loss of 2.63 million jobs and those losses would still have stood at more than 1.5 million in 2010. #DemHistory #WhyIVoteDemocrat

The study did not take into account benefits of preserving pensions of almost 600,000 GM &Chrysler retirees as well as industry research &development jobs/also didn’t account for psychological impact the collapse of GM &Chrysler would have on the U.S. industrial base #DemHistory