Report card time for Obama. In 2009 Bush-43 left Obama with a $6 trillion federal debt, and a budget (FY-’09) deficit of $1.2 trillion. Unemployment hit 10.2 percent. Our auto industry was near collapse. The stock market (Dow) was 6,700 points.
President Obama launched a progressive approach to the recovery with a “stimulus” plan. 1) Bail out to help Detroit, while others called for bankruptcy. 2) Granted funds to states for projects. GOP Govs. Rick Scott of Florida and Chris Christie of N.J. rejected Obama’s multibillion dollar grants!
Obama’s five-year approach is showing positive results. 1) The Labor Dept. reported 45 consecutive months of job growth. 2) The unemployment rate dropped to 7 percent. 3) The auto industry paid back its bailout loans. Auto sales are in high gear. 4) The Dow hit an all-time high of 16,300 in December 2013. 5) Housing starts surged 25 percent in December. 6) Stock value rose 27 percent in 2013. This means 401(k) plans are growing stronger.
Unfortunately, there are serious issues facing Congress in 2014. 1) Unemployment benefits need to be restored to the 1.3 million who lost them Dec. 28. 2) New immigration laws need to be enacted. 3) A stronger safety net for the poor (food stamps) must be approved. 4) Enact Obama’s Americans Jobs Act. 5) And most important: Reduce ... income inequality between the middle and upper classes!
As a retired social studies teacher, I give my “star pupil” Barack a grade of B+ for his five-year effort!