The Obama administration’s fiscal policy has been moderately successful (seven out of ten rating), in that America was brought out of the Great Recession of 2008, but lately, excess spending has smothered the growth of the U.S. economy. One of Obama’s most controversial, but successful, actions was the automotive industry bailout in 2009, when Obama approved a several billion-dollar loan in order to prevent job loss by bailing out GM, Chrysler, and GMAC from going bankrupt. Secondly, the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010 provided Wall Street reforms and consumer protection in order to prevent another recession of the same nature. Furthermore, the Obama administration implemented the Tax Relief, Unemployment Insurance …show more content…
This act affects future government spending and bailouts, as well as acting as an attempt to restrict the impacts of future recessions through the prevention of “the excessive risk-taking that led to the financial crisis” (Wall Street Reform: The Dodd-Frank Act, par. 2) in Wall Street. Not only does this act work as a very wide reaching reform of Wall Street, it also provides consumer protection in regards to housing loans, credit card fees and rates, and reforms to banks charging overdraft fees. This act was put into place as a result of the automotive industry bailout in 2009, and its purpose is to control government deficit in times of recession by not acting as a safety net to extremely large companies that fail. In addition, the results of this legislation are aimed to “build a safer, more stable financial system” (Wall Street Reform: The Dodd-Frank Act, par. 2). Overall, with the federal government forcing Wall Street companies to take responsibility for their own risk taking, stating that the government is no longer a potential safety net for large companies, and providing greater consumer protection in regards to housing loans, credit cards fees, and bank overdraft fees, the Obama administration appears to be attempting to prevent future recessions, as well as decreasing the deficit during the recessions that will
The documentary Obama’s Deal narrated by Jim Gilmore highlights the 44th Presidents’ endurance as he fought against a great resistance in reforming healthcare. This bill was the most complex bill in modern times says Gilmore. The Affordable Care Act eventually deemed Obama Care was a signature issue and Obama spent most of his first term focusing on this specific reformation. For the first African American President, the pushback was astronomical, and excuses were abundant, but he needed to prove that Washington could solve bigger problems so he relentlessly pursued every avenue he could explore to push this bill in the direction of reformation.
It is obvious the Republican Party has no brains. If they elect Donald Trump to run for president, they are going to lose big time. They can blame themselves for being so stupid. The establishment runs the Republican Party. They are the ones who lose major elections. The leadership of the Republican Party shifts the blame to conservative wing of the Republican Party; however, it is the moderate wing of the Republican Party who loses elections. Does John McClain ring a bell? If the Republican Party hopes to win the presidency, they must run a conservative or face another trouncing in the next election. It is that simple. Therefore, the Republicans had better wake up fast if they want to
President Barack Obama signed The American Recovery and Reinvestment Act on February 17th, 2009 into law. This Act was an effort to jump-start the economy, and also to save and create millions of jobs in America. Obama selected Vice President Joe Biden to over look the application of the Act, while working with cabinet members, the nations governors, and mayors to make sure the implementation of the Recovery Act are not abrupt, but as efficient and effective as Obama intended. The Recovery Act called for $825 Billion which changed as it moved through Congress. However, in doing this it stirred up a lot of commotion with the Republicans within Congress, who favored a different approach to the economic dilemma. The Recovery Act is essentially an expansionary fiscal policy, in that it wants to increase government spending while decreasing taxes. The Act included $550 Billion to be spent within the first two years of it being implemented, much more than the government spends annually on programs. Which is not including defense and benefit programs such as Medicare and Social Security. Most of the $275 Billion in tax cuts would be going to the middle-income families in the form of $1,000 tax cuts, while businesses and other tax cuts would make up the rest. About $318 Billion would go to states and local governments facing the possibility of layoffs and/or tax increases. Another $102 Billion would be used to help victims of the recession with unemployment insurance, health care, food stamps and job training, jobless aid would also be increased by an extra $25 a week. As we can see the evidence is clear and growing by the day, the Recovery Act is working to soften the greatest economic downfall since the Great Depression and is laying ...
In the midst of the current economic downturn, dubbed the “Great Recession”, it is natural to look for one, singular entity or person to blame. Managers of large banks, professional investors and federal regulators have all been named as potential creators of the recession, with varying degrees of guilt. No matter who is to blame, the fallout from the mistakes that were made that led to the current crisis is clear. According to the Bureau of Labor Statistics, the current unemployment rate is 9.7%, with 9.3 million Americans out of work (Bureau of Labor Statistics). Compared to a normal economic rate of two or three percent, it is clear that the decisions of one group of people have had a profound affect on the lives of millions of Americans. The real blame for this crisis rests on the heads of the managers that attempted to play the financial system through securitization, and forced the American government to “bail out” their companies with taxpayer money. These managers, specifically the managers of AIG and Citigroup, should be subject to extreme pay caps for the length of time that the American taxpayer holds majority holdings in their companies, as a punitive punishment for causing the Great Recession.
The topic that I am choosing to do is on Obama Care. I chose this topic because the idea of the government forcing people to obtain insurance is wrong in my eyes. I am interested in analyzing the validity for what has been said about this topic in order to increase my understanding about Obama Care. I am not an expert when it comes to Obama Care. I know that this is an insurance that is being provided through the government for the general public. I have read that President Obama never initially read the whole bill itself. I also know that people who cannot afford it, but make too much money to qualify for Medicaid are being heavily encouraged to get this insurance. Some of the common knowledge that I have found that the general public has about this subject is that some people are for Obama Care and think that it is a wonderful idea and that there are some people that are dead set against Obama Care. Younger adults, specifically college age and individuals that are in their twenties tend to be for Obama Care. The insurance is being forced upon individuals that may or may not want it. It also seems as though that the insurance being offered is pretty generic in terms of coverage. Some of the questions that I have that I believe will aide me in writing this paper would be the following: What are the pros and cons of Obama Care? What are the thoughts of Obama Care with the people of the government? As well as what are the basics of Obama Care?
The Dodd-Frank Wall Street Reform and Consumer Protection Act brought the most significant changes to financial regulation in the United States since the reform that followed the Great Depression. It made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation’s financial services industry. Like Glass-Steagall, the legislation passed after the Great Depression, it sought to regulate the financial markets and make another economic crisis less likely. Banks were deregulated in 1999 by the Gramm-Leach-Biley Act, which repealed the Glass-Steagall Act and essentially allowed for the excessive risk taken on by banks that caused the most recent financial crisis. The Financial Stability Oversight Council was established through the Dodd-Frank Wall Street Reform and Consumer Protection Act and was created to address the systemic risks in the United States financial system and to improve coordination among financial regulators.
Executive orders are issued by the president and it is mainly a way to force a law into action. Executive orders go way back into history and are as old at the U.S. Constitution themselves. These orders were and are still currently being used by every president in our history all the way from George Washington to President Donald Trump. Executive orders stand as long as the current president wants them to and when a new president comes in they then have the power to cancel it. The most executive orders that were in place go back to Franklin Roosevelt’s days when he brought 3,522 different orders into play that he felt we needed in the country. Executive orders will be along for as long as everyone lives and will continue to be used by every
The American Recovery and Reinvestment Act was signed into law by President Obama on February 21, 2009. The law had three major goals which were all aimed at stimulating a sluggish US economy. The first goal was to create new jobs and save existing ones by tax credits for hiring new employees. The second goal was to spur economic activity and investment in long term growth by increasing the amount of business asset that could be acquired by companies while allowing for immediate deductions for the cost of the assets as well as numerous tax credits for individuals and businesses. The third goal was to foster unprecedented levels of accountability and transparency in government spending by requiring recipients of recovery act funds to post acknowledgements on the Recovery.gov website.
In 2009, the United States economy began to recover from the Great Recession. To aid in the recovery, the newly elected president Barak Obama created the American Recovery and Reinvestment Act better known as the second of two “Stimulus Packages.” Pa...
Deficit spending happens when a government grows its debt, meaning that its spending is greater than its income. (Deficit Spending, 2008) Deficit spending is a fiscal policy, that when used appropriately can do some amazing things, like pull the United States up from its bootstraps effectively ending The Great Depression. President Hoover increased government spending by 50% and used the money to fund public works and infrastructure projects from 1928 to 1932. (Deficit Spending, 2008)
Presidential power has become a hot topic in the media the in recent years. There has been extensive debate about what a president should be able to do, especially without the involvement of Congress and the American people. While this debate has become more publicized since the Bush administration, similar issues of presidential power date back to Truman and the Korean War. As with much of the structure of the U.S. government, the powers of the president are constantly evolving with the times and the executives.
The Frontline documentary, Obama’s Deal, tracks the course of Obama’s healthcare reform and the steps taken by the administration to get the bill passed. Healthcare was, and remains, one of the biggest platforms of the Obama administration and one of our nation’s greatest challenges. The film starts with Obama’s election into the White House in 2009. Rahm Emanuel, who had worked for the Clinton administration, was brought in to advise Obama on the reform. To win, Emanuel knew that Obama would have to move quickly as his campaign would be strongest at the beginning. But his crucial flaw was having Obama take a back seat on his own political agenda. Emanuel tried to change his mistakes from the Clinton administration’s healthcare failure, and
On March 23,2010 former President Barack Obama signed into law the Patient Protection and Affordable Care Act, often referred to by its nickname: Obamacare. This law would ideally offer all U.S. citizens the opportunity to obtain health insurance at a decent and affordable rate. There were many other incentives that came along with this law being passed. While it was well received by some, there were many whom opposed this law. A great portion of the GOP (republican party) were very vocal in opposition to this law, and desired to have it repealed all together. With the recent election of newly elected President Donald Trump, they would see this realization come to pass. While there
...avoiding even deeper collapse of the global GDP and of employment. The government also created the Troubled Asset Relief Program (TARP), for the establishment and administration of the treasury fund, in an effort to control the ongoing crisis.
According to lecture, before Obamacare was introduced, about one third of the people in the United States got insurance from one of three government programs: Medicare, Medicad and CHIP. There were about sixteen to twenty percent were uninsured during that time who were mostly young adults and people who were poor. This can caused them not to have the opportunity to seek medical attention when they need to. Obamacare changed all of that because it helped those who did not have medical insurance to have insurance. Not only Obamacare increases the “utility” by increasing the pleasure in a society, it helps the least advantaged in society, however members in society will not see healthcare as a commodity that could be bought and sold.