The second was to revive the US economy. These laws included the Bush tax cuts of 2001 and 2003 (scheduled to expire in 2010) and temporary "patches" that prevented the alternative minimum tax from impacting the middle class. Stephen Moore is a senior fellow at the Heritage Foundation and a former senior economic adviser to the Trump campaign. President Obama signs the economic stimulus bill in February 2009, as Vice President Biden looks on. "Excluding energy and oil investment, investment growth is still below 5 percent on a year-over-year basis — a bit lower than the typical expansion average," Raphael Bostic told the Savannah, Ga, Rotary Club in June. [92], On August 2, 2011, after a lengthy congressional debt limit debate, Obama signed into law the bipartisan Budget Control Act of 2011, which enforces limits on discretionary spending until 2021 (the "sequester"), establishes a procedure to increase the debt limit, creates a Congressional Joint Select Committee on Deficit Reduction to propose further deficit reduction with a stated goal of achieving at least $1.5 trillion in budgetary savings over 10 years, and establishes automatic procedures for reducing spending by as much as $1.2 trillion if legislation originating with the new joint select committee does not achieve such savings.[93][94]. Privacy Policy | In June 2014 the Obama administration waived the crude oil export ban that had been in place since the. Over time, I think the record is much more mixed with a continued highly regulatory approach that I think has slowed U.S. economic growth. "[62], Several key economic variables (e.g., Job level, real GDP per capita, household net worth, and the federal budget deficit) hit their low point (trough) in 2009 or 2010, after which they began to turn upward, recovering to pre-recession (2007) levels between late 2012 and May 2014, which marked the recovery of all jobs lost during the recession. Thanks for contacting us. However, this decline has been part of a long-term trend that can’t squarely be blamed on Obama.
Where we’re seeing weaknesses in our economy have to do with state and local government -- oftentimes, cuts initiated by governors or mayors who are not getting the kind of help that they have in the past from the federal government and who don’t have the same kind of flexibility as the federal government in dealing with fewer revenues coming in. Learn more about Friends of the NewsHour. If we characterize an economy as being in a catastrophe with unemployment rates greater than 8 percent, well then, the black unemployment rate is still above 8 percent. Have we? Save my name, email, and website in this browser for the next time I comment. Separately enacted as part of Obamacare, individual mandates and tobacco taxes impacted the middle class slightly, although they were mainly designed to adjust behavior rather than gather revenue. [38] The OECD credits the much faster growth in the United States to the stimulus in the United States, in contrast to the austerity measures taken in the European Union. [8] To put these trends into perspective, the 2017 Economic Report of the President stated. [188] Obama's health care plan includes implementing guaranteed eligibility for affordable health care for all Americans, paid for by insurance reform, reducing costs, removing patent protection for pharmaceuticals, and required employer contributions. President Obama attempted both strategies, with some success in reducing both the pre-tax and after-tax share of income of the top 1% measured 2012 to 2013 (the most recent CBO data available as of December 2016), which means the share of income of the bottom 99% increased. He ran against hopelessness, against opioid addiction, the $10 trillion rise in the national debt and income stagnation. Obama promises to sign the EFCA into law. Bryan R. Smith/AFP/Getty Images
This resulted in a series of bruising debates with the Republican Congress. Obama argues that his plan is a net tax cut, and that his tax relief for middle-class families is larger than the revenue raised by his tax changes for families over $250,000. By the end of his second term, the number of persons with jobs, real median household income, stock market, and real household net worth were all at record levels, while the unemployment rate was well below historical average.
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