By Ramona du Houx
President Barack Obama’s has salvaged the U.S. economy from the damage done to it by his predecessor George W. Bush. The turn around has been an overwhelming success, according to the United States Treasury Department. When Obama took over as President the stock market collapsed from the bank induced mortgage crisis and we were on the verge of being thrown into a depression due to Bush’s failed policies.
Pres. Obama’s initiatives prevented the USA from falling into another Great Depression, and now the Treasury has officially said that Obama has fully turned the economy around.
The American Recovery Act, though modest at the time it past, was just enough to spur needed investment in growth sectors. It was a major piece of legislation that Obama passed with support from Maine’s two Republican Senators at that time: Collins and Snowe.
The ARA brought investments to Maine in infrastructure and research and development, which the Baldacci administration used to the best of their abilitites, ensuring the best projects were funded.
Treasury Secretary Jack Lew has confirmed what economists and those familiar with economic policy have already known: the U.S. economy has been growing at a steady rate for several quarters, private sector job growth is consistently high, the unemployment rate has been reduced all the way down to the five percent level which economists view as ideal, and the stock market has grown tremendously. This all occurred even as President Obama reduced the annual federal deficit by seventy-two percent.
But Lew says there are still challenges ahead, pointing to the inequality between the wealthy and the working class, and business tax loopholes, as areas of concern; Obama has tried to tackle both but has faced republican opposition. But he says Social Security is in far better shape than most Americans believe.