Great Depression Stimulus Packages 2008 and 2009

President Bush and President Obama acted decisively in 2008 and 2009 to solve the economic crisis that was consuming the nation.

Stimulus packages were released on multiple fronts to prevent a second Great Depression for America:
•American workers ($178 billion in tax rebate checks, May 2008)
•homeowners ($300 billion to help modify home loans and prevent foreclosures, July 2008)
•unemployed ($787 billion in tax cuts and job creations programs, February 2009)
•Fannie Mae and Freddie Mac ($400 billion bailout, July 2008 and February 2009)
•AIG ($150 billion bailout, September-November 2008)
•American banks ($700 bailout, October 2008)
•automakers ($47 billion, September 2008 and March 2009)

In addition, in April 2009, the United States participated in a $1 trillion global lending program, devised by the G-20 countries.

Although the various stimulus packages were controversial and contributed heavily to the U.S. national deficit reaching all-time highs, undoubtedly, they helped stave off a more dramatic crisis.

Given that the first Great Depression lasted more than twelve years (from 1929-1941, only ending with America’s entry into World War II), it’s too soon to tell whether these massive assistance programs and government bailouts will shorten today’s Great Depression.