A lot is being made as of late about a quote that President Obama three years ago. In an interview with ABC he said, “if I don’t have this done in three years, then there’s going to be a one-term proposition.” While the quote has been taken out of context and is being viewed as him fixing the entire economy, we’ll go with it so we don’t confuse any of the tea baggers that might read this. So has President Obama fixed the economy or should he hang it up and go out as a one-term president like he stated?
Well let’s just look at the numbers. When he took office, we were losing 750,000 jobs a month. Today, we’ve had 22 consecutive months of private sector job growth. After reaching an unemployment rate over 10%, the unemployment rate is now at 8.5%, the lowest since January 2009, and falling. While the net jobs added is still negative, things on the job front are certainly turned around and headed in the right direction.
When President Obama took office, the housing bubble had popped and foreclosures were at a record high. In 2011, foreclosure rates were at the lowest rates since 2007. While there are still too many houses being foreclosed on things have certainly turned around and are on the right path. To aide in that turn around, President Obama, just yesterday, introduced a program to allow homeowners who have been making their payments on time to refinance their homes at record-low rates. This will guarantee foreclosure rates will drop again in 2012, with nearly 15 million Americans qualifying for refinancing under the bill.
When President Obama took office, the auto industry was on the brink of total bankruptcy. If nothing would have been done, the auto industry would have completely collapsed and unemployment would have been exponentially worse. President Obama helped to bail out the auto industry with the demand that they restructure and pay the money back with interest. As of today, the auto industry is booming and has paid back the money it borrowed. GM is back as the number one auto manufacturer in the world. He also passed the “Cash For Clunkers” program, which allowed people to trade in older cars for newer, more fuel-efficient models, thus also helping the environment as well.
When he took office in 2008, we were throwing $300 million dollars a day into the black hole in the middle east on the wars in Iraq and Afghanistan. Since then, President Obama has ended the war in Iraq, and announced a draw down in Afghanistan. He just announced that we are ending missions in Afghanistan and pivoting to a training role in 2013 and hopefully pulling out completely by 2014. The money that is saved from the costs of these two wars will be used partly to pay down the deficit of the US. Oh, and if you didn’t hear, he killed Osama bin Laden…the man responsible for 9/11 and these wars in the first place. I’d say things are definitely getting better.
When he took office in 2008, the stock market was allowed to gamble wildly using speculators and derivatives. It was completely unregulated and allowed to do whatever it wants. Under President Obama, there is finally regulation on Wall Street, ensuring that another collapse won’t happen. The GOP says that regulations stunt growth and halt the economic recovery, but the numbers don’t lie. In March of 2009, the Dow reached a low of 6,600 points. Today, the Dow is at 12,700 points, nearly doubled. The stock market is soaring so that’s clearly improved.
While there’s plenty of other positives that are going on in this country, this is the core of the economic crisis that President Obama was facing when he took office. There’s no question that things aren’t GREAT yet. However, things were on a free-fall, and President Obama established a base to hit and allow us to begin to bounce back. We’re certainly on the road to recovery so he HAS fulfilled his promise. Anyone who says things aren’t getting better, flat-out doesn’t know what they’re talking about. So should President Obama step aside? Absolutely not!