"Wreckovery (wreck + recovery) has been used since the 1990s to mean the “recovery” of “shipwrecks.” In 2009, the U.S. Congress passed the American Recovery and Reinvestment Act. A website tracking this economic stimulus bill was called Recovery.gov. ‘Wreckovery” was used by critics of the bill by at least March 5, 2009.
Economic “wreckovery” means a failed recovery (a still-wrecked economy), or it can mean false stimulus or “recovery/wreckovery” efforts. This economic sense of “wreckovery” has at least one printed citation from 2004—before the 2009 American Recovery and Reinvestment Act.
Wikipedia: American Recovery and Reinvestment Act of 2009
The American Recovery and Reinvestment Act of 2009, abbreviated ARRA (Pub.L. 111-5) and commonly referred to as the Stimulus or The Recovery Act, is an economic stimulus package enacted by the 111th United States Congress in February 2009. The Act followed other economic recovery legislation passed in the final year of the Bush presidency including the Economic Stimulus Act of 2008 and the Emergency Economic Stabilization Act of 2008 which created the Troubled Assets Relief Program (TARP).
The stimulus was intended to create jobs and promote investment and consumer spending during the recession. The rationale for the stimulus comes out of the Keynesian economic tradition that argues that government spending should be used to cover the output gap created by the drop in consumer spending during a recession. The modern consensus in economics favors monetary over fiscal policy like the fiscal stimulus. However, the Federal Reserve had already cut interest rates to zero, greatly reducing their policy options. The flow of finances was stagnated because of a liquidity trap, also limiting monetary policy effectiveness. While many economists agreed a fiscal stimulus was needed under these conditions, others maintained that fiscal policy would not work because government debt would use up savings that would otherwise go to investments, what economists call crowding out. Proponents countered that the negative effects of crowding out are limited when investment has already stagnated.
The measures are nominally worth $787 billion.
Information about the following is found in this section.
The Recovery Act
What is the American Recovery and Reinvestment Act of 2009? Read the Act in its entirety.
The mandate and purposes of the website.
The economically debilitating effects of so-called 2009 US Economic “Recovery” Act and similar legislation
The worsening economy and rising debt show that the government-sponsored wreckovery is well underway.
by Mr. Ed The Talking Horse Jun 29, 2009
Old Fashioned Patriot
Dude! Where’s My Recovery?
Consumer spending plunged to lowest level in 3 years. Recovery renamed to Wreckovery.
posted by George @ 8/04/2004 08:52:00 AM
Where in the world: Going Galt and Wreck-overy.gov logo-mania
By Michelle Malkin • March 5, 2009 06:05 AM
Scheduled to appear on Fox & Friends this morning for the regular 8:15am Eastern gig. They want to talk about the “Going Galt” phenomenon and our Wreckovery.gov photoshop contest.
Thursday, March 5, 2009
Can’t say it any better.
Courtesy of Michelle Malkin.
Wreckovery.gov Watch: More airport waste
By Michelle Malkin • May 6, 2009 12:54 PM
New York magazine: Daily Intel
7/20/09 at 00:05 AM
Both the term “Obamunism” (the right’s paraphrase of Obama’s domestic agenda) and the pairing of his logo with Communist symbols have gradually multiplied on the Internet this year. Several independent sites sell “Obamunism” tees with similar logos, and Café Press, an online on-demand retailer, has an “anti-Obama store” with slogans like “The Obama Wreckovery,” and “Don’t Tax Me, Bro.”
Start Thinking Right
Obama Wreckovery Adding Whopping 260 Jobs PER STATE
By Michael Eden
Rush Limbaugh made me aware of the math: what’s 13,000 jobs divided by 50 states? An infinitesimal 260 jobs per state.
So much for Obama’s “recovery.”
This entry was posted on June 30, 2010 at 11:57 am and is filed under Barack Obama, Conservative Issues, Democrats, Economy, Politics, health care, socialism, taxes.
New York City • Banking/Finance/Insurance • (0) Comments • Thursday, July 15, 2010 • Permalink