Hi, need to submit a 1750 words paper on the topic The New Stimulus Bill by Obama's Administration.

Hi, need to submit a 1750 words paper on the topic The New Stimulus Bill by Obama's Administration. Due to the worst ever global economic crises the American economy in line with a number of developed economies of the World, is suffering from deepest crises after the Second World War. Hundreds of thousands of People are loosing their homes. millions are loosing jobs, numerous increasingly suffering from poverty and hunger, lack of health facilities and overall future insecurity. New American Administration felt the need to act promptly so as to minimize the social and economic impacts of present economic crises. President was firm to believe that by giving a stimulus package, a new wave of activity, innovation, building and construction will start all over America, thereby creating millions of new jobs, increasing purchasing power of general public and boosting up the economic activities. (Chaddock 2009: Quinn 2009)

It is worth to mention here that the current global economic crisis in fact was originated from the United States. Main factor, besides other factors was non payment of debts by millions of mortgage borrowers to the lending Banks and Financial Institutions. Borrowers could not make repayments stately due to high interest rates. Why interest rates were increased to that extent is a separate issue needs to be discussed separately. Non payment by the borrowers left the banks, lending companies and financial institutions close to bankruptcy, leading to economic collapse. Previous Administration of the United States tried to set right the affairs by awarding multi- billion dollars bailout package for banks, financial institutions and highly affected industries such as car industry. But the crisis was so severe that the package failed to give desired results and the economic condition of the country continued to deteriorate faster than expected.&nbsp.