List of the Pros of Obama’s Presidency
1. The Great Recession ended under Obama’s leadership.
The first pieces of legislation to combat the problems generated by the economic crisis in 2007 came from the Bush Administration, but it was the $787 billion economic stimulus package that worked to get the economy back onto its feet again. This financial legislation included an extension of unemployment benefits, tax cuts, and money to fund public works projects. GDP growth turned positive just six months after.
During the first 7 months of the economic stimulus, the American Recovery and Reinvestment Act put almost $250 billion into the economy. By 2010, growth rates were approaching 4%. Almost all of the money dedicated to the economic recovery had been spent by March 2011.
2. The U.S. automotive industry was able to modernize under Obama.
Without the interventions from the economic stimulus package, almost all of the American automakers would have found themselves in a place where they would have either gone out of business or forced to file for bankruptcy. The federal government ended up taking over Chrysler and General Motors to save them, which also prevent the loss of over 3 million jobs. As part of the intervention process, the Obama administration pushed the companies toward making their products more fuel efficient. This intervention helped U.S. vehicles to become more competitive from a global standard.
3. The Obama Administration reformed health care in the United States.
The Affordable Care Act passed in 2010, changing how Americans could purchase healthcare insurance in the country. 95% of the population was able to have some form of coverage by 2014, with a greater number of people receiving preventive care to reduce the number of emergency room visits that were happening in the country.
Rising costs from the healthcare industry were threatening to overwhelm the federal budget. Before the passage of the Affordable Care Act, over 60% of bankruptcies in the United States were due to medical bills. Although the Trump Administration is weakening the rules from this effort, the period of coverage that did become available helped many low-income families see a doctor, eliminated pre-existing conditions, and allowed parents to keep their adult children on their plans until the age of 26.
4. The banking industry saw regulation improvements in eight critical areas.
The Dodd-Frank Wall Street Reform Act passed in July 2010, improving regulations on Wall Street that Democrats and economic experts believed were responsible for the financial crisis in the years before. Harmful practices of mortgage lenders and credit card agencies were scaled back through the Consumer Financial Protection Agency because of this legislation. Hedge funds and banks that were “too big to fail” fell under the guidance of the Financial Stability Oversight Council.
The Volcker Rule banned banks from risking losses with money from their depositors. It also clarified which agencies regulated the institutions of the industry. This legislation also directed the SEC and the Commodity Futures Trading Commission to regulate derivatives and futures while working to improve the credit rating agencies.
5. The 2010 Tax Cuts helped to continue the economic stimulation.
Congress and the Obama Administration worked together to create an $858 billion tax cut that would help to continue the economic stimulus that was started earlier in the year. There were three primary components of this legislation.
There was a $350 billion extension of the tax cuts from the Bush Administration.
$120 billion was provided to reduce the payroll taxes of workers.
Another $56 billion in unemployment benefits were provided as well.
Businesses also received $140 billion in tax cuts to encourage them to make capital improvements, along with $80 billion in research and development tax credits. from the Middle East.
Navy SEALs were ordered to attack the compound of al-Qaida leader Osama bin Laden on May 1, 2011. This attack led to the elimination of key leadership figures in the organization, including bin Laden himself. Over the next three years, there would be a slow withdrawal of troops from Iraq, although a return became necessary thanks to the rise of ISIS in the region.
7. President Obama received the Nobel Peace Prize in 2009.
Although some Americans saw the move as one that was controversial, Barack Obama was the recipient of the Nobel Peace Prize in 2009. The Committee noted when they made the decision to offer the honor that the Obama Administration had worked to strengthen international diplomacy and cooperation between different people.