Obama Administration 's Fiscal Policy Essay

1984 Words 8 Pages
The Obama administration’s fiscal policy has been moderately successful (seven out of ten rating), in that America was brought out of the Great Recession of 2008, but lately, excess spending has smothered the growth of the U.S. economy. One of the Obama administration’s most controversial, but successful, actions was the automotive industry bailout in 2009, when congress approved a several billion-dollar loan in order to prevent job loss by bailing out GM, Chrysler, and GMAC from going bankrupt. Secondly, the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010 provided Wall Street reforms and consumer protection in order to prevent another recession of the same nature. Furthermore, the Obama administration implemented the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which provides tax cuts of the lower class in order to stimulate the economy after the Great Recession. Moreover, Obama approved the Affordable Care Act in 2010, which drastically increased government spending. Overall, Obama’s liberal fiscal policy was a tremendous boost to the economy when it was needed during the Great Recession, but after the unemployment rate started dropping rather quickly and the economy started showing signs of prospering, his excessive spending only smothered the economy and never let it fully recover. After all is said and done, Obama earned a seven out of ten rating due to his fantastic job getting America out of the Great Recession,…

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