The world was about to witness another great depression and had it not been averted by the global leaders, it would have shaped itself as the greatest depression. A lot of countries offered stimulus packages but the most active role was played by the Obama government. It helped not only the American people but played a vital role in stabilizing the foreign economies as well. An Economic Stimulus Package means providing an aid to get better results in terms of development, industrial growth and reducing the effect of inflation on people. Obama government has funded the American people as soon as it came into power and fulfilled all its promises of stabilizing the economy.
Housing loans, banking interest rates, real estate prices which in the beginning of 2009 were sky rocketing have come to a reasonable level after the intervention of Obama government. For example; people whose income has not increased at par with the growing inflation will be given preference in buying new houses at lower interest rates. The stimulus packages have allowed banks to give home loans to the people at much simpler terms and conditions.
The industrialists have also taken a sigh of relief after the introduction of stimulus package. The industrialists have been given rebates in repaying debts and those who were suffocating under the debt burden can now restructure their plans and growth. A lot of banks which failed because of the economic recession have also gained a huge support and aid with these stimulus packages.
The American & Global economy has just survived a nightmare. The effective introduction of stimulus packages and a bit of luck has really saved the global economy from going into the shambles.