Obama assumed Presidency of the United States at a time when the economy was tethering and there was no option for him but to go in for extreme measures to kick start the economy.
Before he assumed office, President Barack Obama announced that he would be bringing in a stimulus package which was billed as the "American Recovery and Reinvestment Plan.
" The basic thrust of the stimulus package was on providing assistance to low and middle income Americans, strengthening the basic infrastructure of the nation and to stimulate investment in the states which were having to struggle on account of falling revenues.
He also aimed to create some 3 million jobs over a period of 2 years so that those who were laid off on account of the recession could find new means of livelihood.
The stimulus package is being implemented by resorting to tax cuts and increasing government spending.
This is likely to add to the budgetary deficit, but in the long run, it is required and will help stabilize the economy.
The tax cuts have helped to a large extent and the economy is seeing signs of recovery.
One of the biggest successes has been the cash for clunkers rebate voucher program.
A lot of fuel guzzlers have gone off the roads and been replaced by fuel efficient vehicles resulting in savings in the fuel bill.
This has also given a shot in the arm to the car industry which has been tethering on the verge of closing down.