The 44th president of the United States of America has assured the Americans of his trust in president Joe Biden.
Commemorating the 12 year old American Recovery and Reinvestment Act (ARRC) yesterday, the former US President in a Facebook post recommended his former Vice as the right person to lead the country out of it’s current economic crisis.
He said, “That recovery wouldn’t have taken root without Joe Biden”
“When Obama came to office in Jan 2009, the US economy was in a deep recession, with falling real GDP, high unemployment and rising levels of government borrowing”, according to Economics help
“Real Gross Domestic Product had fallen by 4.3 from its highest peak in 2007 during the fourth quarter to its trough in 2009 during the second quarter, the largest decline in the postwar era. The unemployment rate which was five percent in December, 2007 rose to 9.5 percent in June 2009 and peaked at 10 in October, 2009, Federal Reserve History observed.
Following this great economic recession, the US President then, on 17th February, 2009 signed the ARR Act.
“The President (then) selected Vice President (then) Joe Biden to oversee the Administration’s implementation of the Recovery Act’s provisions…Vice President Biden (then) works closely with cabinet members, our nation’s governors, and our mayors to ensure these efforts are not just swift, but efficient and effective”, Whitehouse archives revealed.
According to Barack Obama’s post, the Act “put millions back to work and rejuvenated our economy”
In a gradually depressing economy, he added, “There’s no one I would trust more to lead our country out of today’s crisis than him”
Read the full post below:
Back in 2009, our country was experiencing one of the worst economic recessions we’d seen in decades. Twelve years ago today, I signed The American Recovery and Reinvestment Act, which put millions back to work and rejuvenated our economy. That recovery wouldn’t have taken root without Joe Biden—and there’s no one I would trust more to lead our country out of today’s crisis than him.
Source: Opemsuo.com/Economic help/Federal Reserve History/Whitehouse archives