How Does Obama Affect The Economy

While Reagan was President, the economy made a change for the better. In February of 1981, he made his first proposal to the Congress to lower the taxes and rise the spending on defensive needs. The federal income tax rates were lowered significantly with the signing of the bipartisan Economic Recovery Tax Act of 1981. The percentage of unemployment compared to when Carter was President decreased from 7.5% to 5.4%.

The story of Obama’s Presidency revolves around the economy he inherited. Prior to Obama’s election, major financial institutions had invested heavily in securities backed by bundles of home mortgages. While these investments performed at a high rate for an extended period of time, the bubble eventually burst when homeowners could no longer afford their mortgage payments. This led to the collapse of many large financial institutions, sending the economy into a state of disarray. As unemployment broke into the 6% range in September of 2012, the polls began to trend in favor of Obama. With the Republicans having held the White House for eight years and Congress for six (of those eight), the American people connected the economic downturn with the Republican Party, paving the way for Obama’s election. (Sides & Varveck,

When we chose a president, we chose him because we trust him. We entrust to him with the power of our country. In this case, he did not respect Americans citizens who voted for him. He did not respect them by not doing what he said he would be doing. Ronald Reagan also promised some jobs, but at the end of his mandate unemployment soared 10.8%.

He claimed an undue tax burden, excessive government regulation, and massive social spending programs hampered growth. Reagan proposed a phased 30% tax cut for the first three years of his Presidency. The bulk of the cut would be concentrated at the upper income levels. The economic theory behind the wisdom of such a plan was called “SUPPLY-SIDE” or “TRICKLE-DOWN ECONOMICS.” (Reaganomics. (n.d.). Tax relief for the wealthy would allowed them to consume and fund more. This would put the economy in a better position and their would be more job

tax cuts and smaller government. Once he took office, he pushed for breaking up big industries

He wanted to cut taxes off businesses so the upper tax brackets would allow more investment, growth and an increase in jobs and a larger tax

The Great Depression and the Great Recession were two financial crises that ruined the economy for a great number of people. Not only was the U.S. significantly impacted, but the world was affected as well. Although many years set them apart, Franklin Delano Roosevelt and Barack Obama both responded to dire situations in a similar manner by implementing acts that prompted government involvement, created jobs for the unemployed, and promoted pump priming.

When FDR took office, the Gross National Product had been slashed by more than 50%. Donald Holley, the author of the article Great Depression explains that during this time in our history an estimated 16 million Americans were out of work. To put things in perspective, 25% of the labor force was unemployed (Holley & Trescott, 2014). Comparable in name with the Great Depression, the majority of attitudes across the country were that of despair. Many families relied on charitable organizations for their next meal. Nevertheless, FDR remained optimistic, by doing so he created a sense of hope. FDR had promised Americans jobs during his campaign, and he wasted no time in his first days in office. Although he had no specific plan prepared to create jobs, he

During Clinton’s term he lowered unemployment. Approximately 22.5 million jobs were made and unemployment rates went from 7.5 to 4.0 by the end to his second term. The U.S had the largest budget in American History when Clinton had first arrived in office, however by the time his 2nd term was over it lowered. This was only the few things Clinton has done to ensure American lives were easier.

He tried to fix this, however, the attacks and war rendered this effort altogether. Little recovery was possible though. By 2004, the rate was down to 5.4%. This was still too high though by his standards. Hurricane Katrina, which struck in 2005 didn’t help this matter either. It’s estimated that it caused about $200 billion in damage. Drawing the rate even farther back by 1.5%. Also while he was in term, the Subprime Mortgage Crisis occured in 2008. During this time, many homeowners were down or falling behind on bills and payments, and foreclosure rates were higher than ever. After cutting federal income tax rates, Bush faced critisism from the Democratic party. This lead to him signing the No Child Left Behind (NCLB) Act of 2008. This act made sure that any and all children recieved at least a basic education. Including poor children who might not be able to afford even public school. He also passed a couple other acts towards the end of his term, such as the Medicare Prescription Act and the Modernization Act. He had a massive amount of scandal issues during his term. A few of the major ones were the scandal about Enron, the PATRIOTS act, and even him using questionable data to justify the attacks on Iran. Although he did many questionable things though, a good majority were actually sad to see him resign. Most of the reason was that some were questionable about Barock Obama being our first African American president. But all in all George Bush was a good president and left us a good

As to Bobby’s knowledge, the Obama administration has weakened our economy. Flooding the markets with printed dollar bills is a recipe for short-term gains, followed by losses.While there are always ups and downs in the markets, Obama’s policies will crash our economy; it’s only a matter of time. If we don’t change course, our economy will eventually crumble. Why? It’s because we have doubled our national debt, increased our taxes, and intensely grown the size of the federal government.

Roosevelt”). Roosevelt had managed to lower unemployment rates from “25 percent to 14 percent” and increase the gross national product by “34 percent,” while getting the people to trust the government again (“Franklin D. Roosevelt Biography”). Although he received praises, FDR also experienced many setbacks; his actions had caused an increase in government spending, causing him to lose support from bankers and businessmen (“Biography of Franklin D. Roosevelt”). Additionally, the Supreme Court ruled many of the New Deal Acts as unconstitutional, preventing him from passing more; however his action had already helped the country survive the worst (“Franklin D. Roosevelt (1882-1945)”).

elected the economy was very unstable and was predicted that if something was not done we will have a terrible recession where people would lose their jobs, houses and even the banks

The President has a lot of power to influence the economy. One of the main ways to influence the economy is by his policies. The U.S. economy has been struggling now since 2008 and not just because of Obama but Bush as well. However, Bush was dealing with the issue of September 11th and the attack on the trade center buildings in NY and the war with Al-Qaeda. Not to mention the “Housing Bubble” where the banks were involved in lending money to people who could not afford a mortgage and making bad loans. I worked in the mortgage business for about 8 years and was working as a real estate closer in 2008 when everything peaked, right before everything went under. I had never seen anything like it before and warned all

There will be many times where people will look back into history years from now and remember the significant events of the 2000s, and a big reason for that is the advances both in technology and society that took place. On the day of November 4, 2008, a man of strong beliefs from Hawaii named Barack Obama announced that he was running for president of the United States. He won the election and was sworn into office becoming the 44th president of the United States on January 20, 2009. He has not only marked a page in history in becoming the first African American president, but has tried to work to better the economic and political aspects of the country. After his term in office was coming to a close, he won the re-election in 2012 and will be currently running in office until January 2017 when his final term ends and a new presidential candidate will gain office.