With the Obama administration tenure at the official halfway point today with the president’s second inauguration, the ‘Real News’ team examined his performance through four years issue by issue; beginning with the economy.
As we’ve been reminded many times, President Obama took office during a time of great economic uncertainty. During his first year in office Obama pushed for the American Recovery and Reinvestment–A.K.A. “Stimulus”–Act of 2009 and authorized the $80 billion government bailout of Chrysler and General Motors.
In 2010, he extended the Bush tax cuts and signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, and ObamaCare–officially titled the Patient Protection and Affordable Care Act. Finally before concentrating 2012 on the campaign, 2011 saw the debt ceiling crisis culminate with the Budget Control Act of 2011 that gave birth to the failed debt super committee and recent Fiscal Cliff.
Over four years the unemployment rate has never gone below what it was when the president took office, median household income has decreased by $2,000 per family, the national debt increased by $5 trillion, and average gasoline prices have nearly doubled.
On ‘Real News’ Monday the panel speculated how this era will be remembered, and if Obama’s tenure has potential to serve as an indictment for Keynesian economics.