Barack Obama

====Economic policy====
{{Main|Economic policy of the Barack Obama administration}}

On February 17, 2009, Obama signed the [[American Recovery and Reinvestment Act of 2009]], a $787{{spaces}}billion (equivalent to ${{Inflation|US|787|2009}} billion in {{Inflation/year|US}}) [[stimulus (economics)|economic stimulus]] package aimed at helping the economy recover from the [[Great Recession|deepening worldwide recession]].<ref>{{cite news |url=http://www.cnn.com/2009/POLITICS/02/13/stimulus/index.html |title = Stimulus package en route to Obama's desk |access-date = March 29, 2009 |publisher = CNN |date = February 14, 2009 |archive-url=https://web.archive.org/web/20090330094958/http://www.cnn.com/2009/POLITICS/02/13/stimulus/index.html |archive-date = March 30, 2009 |url-status=live }}</ref> The act includes increased federal spending for health care, infrastructure, education, various tax breaks and [[tax incentive|incentives]], and direct assistance to individuals.<ref name="direct assistance" /> In March 2009, Obama's Treasury Secretary, [[Timothy Geithner]], took further steps to manage the [[financial crisis of 2007–08|financial crisis]], including introducing the [[Public–Private Investment Program for Legacy Assets]], which contains provisions for buying up to $2{{spaces}}trillion in depreciated real estate assets.<ref name="markets opened" />

[[File:U.S. Total Deficits vs. National Debt Increases 2001-2010.png|thumb|[[United States federal budget|Deficit]] and [[National debt of the United States|debt]] increases, 2001–2016|alt=Graph showing large deficit increases in 2008 and 2009, followed by a decline]]

Obama intervened in the [[automotive industry crisis of 2008–10|troubled automotive industry]]<ref>{{cite news|title=White House questions viability of GM, Chrysler |date=March 30, 2009 |work=The Huffington Post |url=https://www.huffingtonpost.com/2009/03/30/obama-denies-bailout-fund_n_180563.html |url-status=dead |archive-url=https://web.archive.org/web/20090407010806/http://www.huffingtonpost.com/2009/03/30/obama-denies-bailout-fund_n_180563.html |archive-date=April 7, 2009 }}</ref> in March 2009, renewing loans for [[General Motors]] (GM) and [[Chrysler]] to continue operations while reorganizing. Over the following months the White House set terms for both firms' bankruptcies, including the [[Chrysler Chapter 11 reorganization|sale of Chrysler]] to Italian automaker [[Fiat]]<ref>{{cite news |title = Chrysler and Union Agree to Deal Before Federal Deadline |url=https://www.nytimes.com/2009/04/27/business/27chrysler.html |archive-url=https://web.archive.org/web/20090428062100/http://www.nytimes.com/2009/04/27/business/27chrysler.html |archive-date=April 28, 2009 |url-access=limited |url-status=live |work = The New York Times |first1 = Nick |last1 = Bunkley |first2 = Bill |last2 = Vlasic |date = April 27, 2009 |access-date = April 12, 2010 }}</ref> and a [[General Motors Chapter 11 reorganization|reorganization of GM]] giving the U.S. government a temporary 60 percent equity stake in the company.<ref>{{cite news|title=GM Begins Bankruptcy Process With Filing for Affiliate |first1=John |last1=Hughes |first2=Caroline |last2=Salas |first3=Jeff |last3=Green |first4=Bob |last4=Van Voris |url=http://bloomberg.com/apps/news?pid=20601087&sid=aw4F_L7E4xYg |agency=[[Bloomberg News]] |date=June 1, 2009 |access-date=July 5, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20100613163056/http://www.bloomberg.com/apps/news?pid=20601087 |archive-date=June 13, 2010 }}</ref> In June 2009, dissatisfied with the pace of economic stimulus, Obama called on his cabinet to accelerate the investment.<ref name="Christopher Conkey and Louise Radnofsky">{{cite news |title = Obama Presses Cabinet to Speed Stimulus Spending |date = June 9, 2009 |work = The Wall Street Journal |publisher = News Corp |url = https://www.wsj.com/articles/SB124445867883193821 |first1 = Christopher |last1 = Conkey |first2 = Louise |last2 = Radnofsky |access-date = July 5, 2015 |archive-date = July 26, 2013 |archive-url = https://web.archive.org/web/20130726203047/http://online.wsj.com/article/SB124445867883193821.html |url-status = dead }}</ref> He signed into law the [[Car Allowance Rebate System]], known colloquially as "Cash for Clunkers", which temporarily boosted the economy.<ref>{{cite news |url = https://www.washingtonpost.com/wp-dyn/content/article/2009/08/20/AR2009082002699.html |title = U.S. Says 'Cash for Clunkers' Program Will End on Monday |last = Hedgpeth |first = Dana |newspaper = The Washington Post |date = August 21, 2009 |access-date = March 26, 2010 |archive-date = May 16, 2011 |archive-url = https://web.archive.org/web/20110516094603/http://www.washingtonpost.com/wp-dyn/content/article/2009/08/20/AR2009082002699.html |url-status = live }}</ref><ref>{{cite news |url=http://www.time.com/time/business/article/0,8599,1918692,00.html |archive-url=https://web.archive.org/web/20090828040214/http://www.time.com/time/business/article/0,8599,1918692,00.html |url-status= dead |archive-date= August 28, 2009 |title = Was Cash for Clunkers a Success? |last = Szczesny |first = Joseph R. |magazine = Time |date = August 26, 2009 |access-date = March 26, 2010 }}</ref><ref>{{cite journal |last1 = Mian |first1 = Atif R. |first2 = Amir |last2 = Sufi |s2cid = 219352572 |title = The Effects of Fiscal Stimulus: Evidence from the 2009 'Cash for Clunkers' Program |date = September 1, 2010 |ssrn = 1670759 |doi = 10.2139/ssrn.1670759 |journal=The Quarterly Journal of Economics|volume=127|issue=3|pages=1107–1142}}</ref>

The Bush and Obama administrations authorized spending and loan guarantees from the [[Federal Reserve System|Federal Reserve]] and the [[United States Department of the Treasury|Department of the Treasury]]. These guarantees totaled about $11.5{{spaces}}trillion, but only $3{{spaces}}trillion had been spent by the end of November 2009.<ref>{{cite news |title = CNNMoney.com's bailout tracker |work = CNNMoney |page = 20 |volume = 06 |url = https://money.cnn.com/news/storysupplement/economy/bailouttracker/ |access-date = March 26, 2010 |last = Goldman |first = David |date = April 6, 2009 |archive-date = April 7, 2019 |archive-url = https://web.archive.org/web/20190407090433/https://money.cnn.com/news/storysupplement/economy/bailouttracker/ |url-status = live }}</ref> On August 2, 2011, after a lengthy congressional debate over whether to raise the nation's debt limit, Obama signed the bipartisan [[Budget Control Act of 2011]]. The legislation enforced limits on discretionary spending until 2021, established a procedure to increase the debt limit, created a Congressional Joint Select Committee on Deficit Reduction to propose further deficit reduction with a stated goal of achieving at least $1.5{{spaces}}trillion in budgetary savings over 10 years, and established automatic procedures for reducing spending by as much as $1.2{{spaces}}trillion if legislation originating with the new joint select committee did not achieve such savings.<ref>{{cite web |last = Stein |first = Sylvie |url=http://firstread.msnbc.msn.com/_news/2011/08/02/7231805-a-breakdown-of-the-debt-limit-legislation |archive-url=https://web.archive.org/web/20120114001916/http://firstread.msnbc.msn.com/_news/2011/08/02/7231805-a-breakdown-of-the-debt-limit-legislation |archive-date = January 14, 2012 |title = First Read—A breakdown of the debt-limit legislation |publisher = MSNBC |access-date = August 3, 2011 }}</ref> By passing the legislation, Congress was able to prevent a [[Federal government of the United States|U.S. government]] [[Default (finance)|default]] on its obligations.<ref>{{cite news |url = https://www.nbcnews.com/id/43967924 |title = House passes debt ceiling bill |work = NBC News |date = March 8, 2011 |access-date = August 3, 2011 |archive-date = July 21, 2020 |archive-url = https://web.archive.org/web/20200721161500/http://www.nbcnews.com/id/43967924 |url-status = live }}</ref>

The unemployment rate rose in 2009, reaching a peak in October at 10.0 percent and averaging 10.0 percent in the fourth quarter. Following a decrease to 9.7 percent in the first quarter of 2010, the unemployment rate fell to 9.6 percent in the second quarter, where it remained for the rest of the year.<ref name="Theodossiou">{{cite journal |last1 = Theodossiou |first1 = Eleni |last2 = Hipple |first2 = Steven F. |year = 2011 |title = Unemployment Remains High in 2010 |journal = Monthly Labor Review |volume = 134 |issue = 3 |pages = 3–22 |url=http://www.bls.gov/opub/mlr/2011/03/art1full.pdf |access-date = April 7, 2011 |archive-url=https://web.archive.org/web/20110508050328/http://www.bls.gov/opub/mlr/2011/03/art1full.pdf |archive-date = May 8, 2011 }}</ref> Between February and December 2010, employment rose by 0.8 percent, which was less than the average of 1.9 percent experienced during comparable periods in the past four employment recoveries.<ref name="Eddlemon">{{cite journal |last1 = Eddlemon |first1 = John P. |year = 2011 |title = Payroll Employment Turns the Corner in 2010 |journal = Monthly Labor Review |volume = 134 |issue = 3 |pages = 23–32 |url=http://www.bls.gov/opub/mlr/2011/03/art2full.pdf |access-date = April 7, 2011 |archive-url=https://web.archive.org/web/20110506195757/http://www.bls.gov/opub/mlr/2011/03/art2full.pdf |archive-date = May 6, 2011 }}</ref> By November 2012, the unemployment rate fell to 7.7 percent,<ref>{{cite web |url = http://data.bls.gov/pdq/SurveyOutputServlet |title = Unemployment Rate |publisher = [[Bureau of Labor Statistics]] |access-date = December 11, 2012 |archive-date = November 21, 2011 |archive-url = https://wayback.archive-it.org/all/20111121071552/http://data.bls.gov/cgi-bin/dbdown?Your+request+was+invalid+for+this+Data+Access+Service.+Please+attempt+other+data+requests.+Thank+you+for+using+LABSTAT. |url-status = live }}</ref> decreasing to 6.7 percent in the last month of 2013.<ref>{{cite web |url = http://data.bls.gov/timeseries/LNS14000000 |title = Unemployment Rate |publisher = [[Bureau of Labor Statistics]] |access-date = January 10, 2014 |archive-date = April 28, 2019 |archive-url = https://web.archive.org/web/20190428090214/https://data.bls.gov/timeseries/LNS14000000 |url-status = live }}</ref> During 2014, the unemployment rate continued to decline, falling to 6.3 percent in the first quarter.<ref>{{cite web |url = http://data.bls.gov/timeseries/LNS14000000 |title = Unemployment Rate |publisher = [[Bureau of Labor Statistics]] |access-date = June 6, 2014 |archive-date = April 28, 2019 |archive-url = https://web.archive.org/web/20190428090214/https://data.bls.gov/timeseries/LNS14000000 |url-status = live }}</ref> GDP growth returned in the third quarter of 2009, expanding at a rate of 1.6 percent, followed by a 5.0 percent increase in the fourth quarter.<ref name="BEA1">{{cite web |url=http://bea.gov/national/nipaweb/TableView.asp?SelectedTable=1&ViewSeries=NO&Java=no&Request3Place=N&3Place=N&FromView=YES&Freq=Qtr&FirstYear=2009&LastYear=2010&3Place=N&Update=Update&JavaBox=no#Mid |title = Percent Change in Real Gross Domestic Product (Quarterly) |website = National Income and Product Accounts Table |publisher = [[Bureau of Economic Analysis]] |access-date = April 7, 2011 |archive-url=https://web.archive.org/web/20110512014536/http://bea.gov/national/nipaweb/TableView.asp?SelectedTable=1&ViewSeries=NO&Java=no&Request3Place=N&3Place=N&FromView=YES&Freq=Qtr&FirstYear=2009&LastYear=2010&3Place=N&Update=Update&JavaBox=no#Mid |archive-date = May 12, 2011 |url-status=dead }}</ref> Growth continued in 2010, posting an increase of 3.7 percent in the first quarter, with lesser gains throughout the rest of the year.<ref name="BEA1" /> In July 2010, the Federal Reserve noted that economic activity continued to increase, but its pace had slowed, and chairman [[Ben Bernanke]] said the economic outlook was "unusually uncertain".<ref>{{cite news |last = Harding |first = Robin |title = Beige Book survey reports signs of slowdown |url=http://www.ft.com/cms/s/0/dac3245a-9a7b-11df-87fd-00144feab49a.html |work = [[Financial Times]] |access-date = July 29, 2010 |date = July 28, 2010 |archive-url=https://web.archive.org/web/20100729184009/http://www.ft.com/cms/s/0/dac3245a-9a7b-11df-87fd-00144feab49a.html|archive-date=July 29, 2010 }}</ref> Overall, the economy expanded at a rate of 2.9 percent in 2010.<ref>{{cite web |url=http://bea.gov/national/nipaweb/TableView.asp?SelectedTable=1&ViewSeries=NO&Java=no&Request3Place=N&3Place=N&FromView=YES&Freq=Year&FirstYear=2009&LastYear=2010&3Place=N&Update=Update&JavaBox=no#Mid |title = Percent Change in Real Gross Domestic Product (Annual) |website = National Income and Product Accounts Table |publisher = Bureau of Economic Analysis |access-date = April 7, 2011 |archive-url=https://web.archive.org/web/20110512014513/http://bea.gov/national/nipaweb/TableView.asp?SelectedTable=1&ViewSeries=NO&Java=no&Request3Place=N&3Place=N&FromView=YES&Freq=Year&FirstYear=2009&LastYear=2010&3Place=N&Update=Update&JavaBox=no#Mid |archive-date = May 12, 2011 |url-status=dead }}</ref>

{{Multiple image
| total_width       = 700
| align             = left
| image1            = US Employment Statistics.svg
| caption1          = U.S. [[unemployment rate]] and monthly changes in net employment during Obama's tenure as president<ref>{{cite web |url = http://data.bls.gov/timeseries/LNS14000000 |title = Unemployment Rate |publisher = [[Bureau of Labor Statistics]] |access-date = September 12, 2018 |archive-date = April 28, 2019 |archive-url = https://web.archive.org/web/20190428090214/https://data.bls.gov/timeseries/LNS14000000 |url-status = live }}</ref><ref>{{cite web |url = http://data.bls.gov/timeseries/CES0000000001?output_view=net_1mth |title = 1-month net change in employment |publisher = [[Bureau of Labor Statistics]] |access-date = September 12, 2018 |archive-date = April 28, 2019 |archive-url = https://web.archive.org/web/20190428085608/https://data.bls.gov/timeseries/CES0000000001?output_view=net_1mth |url-status = live }}</ref>
| alt1              = Graph showing increased unemployment in Obama's first year, followed by consistent jobs growth
| image2            = Job Growth by U.S. President - v1.png
| caption2          = Job growth during the presidency of Obama compared to other presidents, as measured as a cumulative percentage change from month after inauguration to end of his term
| alt2              = Graph showing lower jobs growth under Obama was lower than previous presidents, except George W. Bush
}}

The [[Congressional Budget Office]] (CBO) and a broad range of economists credit Obama's stimulus plan for economic growth.<ref name="estimated" /><ref name="newc" /> The CBO released a report stating that the stimulus bill increased employment by 1–2.1{{spaces}}million,<ref name="newc">{{cite news |url=https://www.nytimes.com/2009/11/21/business/economy/21stimulus.html |title = New Consensus Sees Stimulus Package as Worthy Step |work = The New York Times |date = November 20, 2009 |access-date = December 21, 2010 |first1 = Jackie |last1 = Calmes |first2 = Michael |last2 = Cooper |archive-url=https://web.archive.org/web/20110511230904/http://www.nytimes.com/2009/11/21/business/economy/21stimulus.html|archive-date=May 11, 2011 }}</ref><ref>{{cite news |url = https://thehill.com/blogs/blog-briefing-room/news/62343-cbo-stimulus-created-as-many-as-2-1-million-jobs/ |title = CBO: Stimulus created as many as 2.1 million jobs |date = February 23, 2010 |access-date = April 25, 2010 |archive-date = March 3, 2010 |archive-url = https://web.archive.org/web/20100303115604/http://thehill.com/blogs/blog-briefing-room/news/83253-cbo-stimulus-created-as-many-as-21-million-jobs |url-status = live }}</ref><ref>{{cite news |last = Isidore |first = Chris |url = https://money.cnn.com/2010/01/29/news/economy/gdp/index.htm |title = Best economic growth in six years |publisher = CNN |date = January 29, 2010 |access-date = April 18, 2010 |archive-date = April 20, 2010 |archive-url = https://web.archive.org/web/20100420161722/http://money.cnn.com/2010/01/29/news/economy/gdp/index.htm |url-status = live }}</ref> while conceding that "it is impossible to determine how many of the reported jobs would have existed in the absence of the stimulus package."<ref name="estimated">{{cite web |url = http://www.cbo.gov/publication/42715 |title = Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output |date = November 22, 2011 |publisher = Congressional Budget Office |access-date = February 21, 2012 |archive-date = February 29, 2012 |archive-url = https://web.archive.org/web/20120229112907/http://www.cbo.gov/publication/42715 |url-status = live }}</ref> Although an April 2010, survey of members of the [[National Association for Business Economics]] showed an increase in job creation (over a similar January survey) for the first time in two years, 73 percent of 68 respondents believed the stimulus bill has had no impact on employment.<ref>{{cite web|url=http://www.nabe.com/publib/indsum.html |title=New NABE Survey Shows Business Recovery Gaining Momentum, with More Jobs Ahead |access-date=April 26, 2010 |archive-url=https://web.archive.org/web/20100502053859/http://www.nabe.com/publib/indsum.html |archive-date=May 2, 2010 |url-status=dead }}</ref> The economy of the United States has grown faster than the other original [[NATO]] members by a wider margin under President Obama than it has anytime since the end of [[World War II]].<ref>{{cite web |work=Politics that Work |url=http://politicsthatwork.com/graphs/gdp-growth-vs-nato-president |title=U.S. GDP Growth Relative to Original NATO Members |date=March 9, 2015 |access-date=April 14, 2015 |archive-date=April 23, 2015 |archive-url=https://web.archive.org/web/20150423174827/http://politicsthatwork.com/graphs/gdp-growth-vs-nato-president |url-status=live }}</ref> The [[OECD|Organisation for Economic Co-operation and Development]] credits the much faster growth in the United States to the stimulus plan of the U.S. and the austerity measures in the European Union.<ref>{{cite news |first=Irene |last=Chapple |url=https://edition.cnn.com/2013/05/29/business/oecd-u-s-europe-economic-recovery/ |title=OECD: U.S. will recover faster, Europe faces unemployment crisis |work=CNN |date=May 29, 2013 |access-date=January 16, 2020 |archive-date=December 20, 2019 |archive-url=https://web.archive.org/web/20191220015240/https://edition.cnn.com/2013/05/29/business/oecd-u-s-europe-economic-recovery/ |url-status=live }}</ref>

Within a month of the [[2010 United States elections|2010 midterm elections]], Obama announced a compromise deal with the Congressional Republican leadership that included a temporary, two-year extension of the [[Bush tax cuts|2001 and 2003 income tax rates]], a one-year [[Federal Insurance Contributions Act tax|payroll tax]] reduction, continuation of unemployment benefits, and a new rate and exemption amount for [[Estate tax in the United States|estate taxes]].<ref>{{cite news |url=https://www.nytimes.com/2010/12/08/us/politics/08cong.html |archive-url=https://web.archive.org/web/20101209044154/http://www.nytimes.com/2010/12/08/us/politics/08cong.html |archive-date=December 9, 2010 |url-access=limited |url-status=live |title = Democrats Skeptical of Obama on New Tax Plan |last1 = Herszenhorn |first1 = David M. |last2 = Stolberg |first2 = Sheryl Gay |newspaper = The New York Times |date = December 7, 2010 }}</ref> The compromise overcame opposition from some in both parties, and the resulting $858{{spaces}}billion (equivalent to ${{Inflation|US|.858|2010|r=1}} trillion in {{Inflation/year|US}}) [[Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010]] passed with bipartisan majorities in both houses of Congress before Obama signed it on December 17, 2010.<ref>{{cite news |url = http://www.cnn.com/2010/POLITICS/12/17/tax.deal/index.html |title = Obama signs tax deal into law |publisher = CNN |date = December 17, 2010 |access-date = December 17, 2010 |archive-date = December 18, 2010 |archive-url = https://web.archive.org/web/20101218125507/http://www.cnn.com/2010/POLITICS/12/17/tax.deal/index.html |url-status = live }}</ref>

In December 2013, Obama declared that growing [[Income inequality in the United States|income inequality]] is a "defining challenge of our time" and called on Congress to bolster the safety net and raise wages. This came on the heels of the [[Fast food worker strikes|nationwide strikes of fast-food workers]] and Pope Francis' criticism of inequality and [[trickle-down economics]].<ref>{{cite news |url = https://finance.yahoo.com/news/obama-income-inequality-defining-challenge-164430631.html |title = Obama: Income Inequality a Defining Challenge |first = Jim |last = Kuhnhenn |agency = Associated Press |date = December 4, 2013 |access-date = January 9, 2014 |archive-date = December 7, 2013 |archive-url = https://web.archive.org/web/20131207035721/http://finance.yahoo.com/news/obama-income-inequality-defining-challenge-164430631.html |url-status = live }}</ref> Obama urged Congress to ratify a 12-nation free trade pact called the [[Trans-Pacific Partnership]].<ref>{{cite news |url=https://www.cbsnews.com/news/president-obama-makes-trade-deal-a-top-priority-in-remaining-months/ |title=President Obama uses his final months to bring congressional approval of a 12-nation free trade pact called the Trans-Pacific Partnership |date=September 5, 2016 |work=CBS News |access-date=September 5, 2016 |archive-date=September 6, 2016 |archive-url=https://web.archive.org/web/20160906160240/http://www.cbsnews.com/news/president-obama-makes-trade-deal-a-top-priority-in-remaining-months/ |url-status=live }}</ref>