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One year ago today, President Barack Obama borrowed a desk in the Denver Museum of Nature and Science to sign the “American Recovery and Reinvestment Act,” the massive government stimulus program meant to put the struggling economy back on track.
Yet, millions of Americans are still looking for jobs, and the “mixed track record of the stimulus has shaken confidence in the Obama administration, even as the president pushes for additional jobs measures,” says National Public Radio in a series of stories exploring the pros and cons of the $787 billion stimulus.
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After seeing signs of an economic recovery over the holidays, the financial-confidence level of Denver residents has slipped to 64.3, an all-time low. The residents’ rating of financial security was measured in an opinion survey commissioned by Country Financial (via the Denver Business Journal).
Thirty-five percent of Denver-area residents rate their overall financial situation as excellent or good, down from 43 percent in the December survey. And 53 percent say they were unable to put aside money for savings or investments, up from 42 percent in December.
“We do tend to see a drop in sentiments early in the year as the holiday cheer subsides and credit card bills from those festivities come due,” Keith Brannan, Country Financial’s vice president of financial security planning, says in a statement. “This year’s decline is more severe, however, and probably represents the struggle to remain patient with our nation’s financial recovery.”