Economic policy of the Barack Obama administration

The economic policy of the Barack Obama administration, or in its colloquial portmanteau form "Obamanomics", was characterized by moderate tax increases on higher income Americans designed to fund health care reform, reduce the federal budget deficit, and decrease income inequality. President Obama's first term (2009–2013) included measures designed to address the Great Recession and subprime mortgage crisis, which began in 2007. These included a major stimulus package, banking regulation, and comprehensive healthcare reform. As the economy improved and job creation continued during his second term (2013–2017), the Bush tax cuts were allowed to expire for the highest income taxpayers and a spending sequester (cap) was implemented, to further reduce the deficit back to typical historical levels. The number of persons without health insurance was reduced by 20 million, reaching a record low level as a percent of the population. By the end of his second term, the number of persons with jobs, real median household income, stock market, and real household net worth were all at record levels, while the unemployment rate was well below historical average.[1][2][3][4][5]

  1. ^ "In Defense of Obama". Rolling Stone. 2014-10-08. Archived from the original on 2016-11-19. Retrieved November 19, 2016.
  2. ^ "CEA 2017 Economic Report of the President-Chapter One-Eight Years of Recovery and Reinvestment" (PDF). Whitehouse.gov. Archived (PDF) from the original on April 11, 2020. Retrieved March 12, 2017.
  3. ^ "Everything is Awesome". Politico.com. Archived from the original on December 30, 2016. Retrieved December 30, 2016.
  4. ^ Jackson, Brooks (January 20, 2017). "What President Trump Inherits". Archived from the original on March 4, 2020. Retrieved February 8, 2020 – via Factcheck.org.
  5. ^ Jackson, Brooks (September 29, 2017). "Obama's Final Numbers". Archived from the original on March 2, 2020. Retrieved February 8, 2020 – via Factcheck.org.