Obama's first-term actions addressed the global financial crisis and included a major stimulus package, a partial extension of the Bush tax cuts, legislation to reform health care, a major financial regulation reform bill, and the end of a major US military presence in Iraq.
A member of the Democratic Party, he was the first African-American president of the United States. Obama previously served as a U.S. senator from Illinois from 2005 to 2008 and as an Illinois state senator from 1997 to 2004.
3.5 million jobsAccording to the non-partisan Congressional Budget Office, the Recovery Act supported as many as 3.5 million jobs across the country by the end of last year.
The collapse of the housing market — fueled by low interest rates, easy credit, insufficient regulation, and toxic subprime mortgages — led to the economic crisis. The Great Recession's legacy includes new financial regulations and an activist Fed.
2012 United States presidential electionNomineeBarack ObamaMitt RomneyPartyDemocraticRepublicanHome stateIllinoisMassachusettsRunning mateJoe BidenPaul RyanElectoral vote3322064 more rows
United States Senate election (2004)PartyCandidateVotesDemocraticBarack Obama3,598,277RepublicanAlan Keyes1,391,030IndependentAlbert J. Franzen81,186LibertarianJerry Kohn69,2763 more rows
An Act making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, State, and local fiscal stabilization, for the fiscal year ending September 30, 2009, and for other purposes. 16 U.S.C.
Economic Recovery Tax Act of 1981 - Title I: Individual Income Tax Provisions - Subtitle A - Tax Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1982, 1983, 1984 and thereafter.
The American Recovery and Reinvestment Act of 2009 (Recovery Act) - which President Obama signed into law on February 17th, 2009 - was an unprecedented action to stimulate the economy. It included measures to modernize our nation's energy and communication infrastructure and enhance energy independence.
The Biggest Culprit: The Lenders Most of the blame is on the mortgage originators or the lenders. That's because they were responsible for creating these problems. After all, the lenders were the ones who advanced loans to people with poor credit and a high risk of default. 7 Here's why that happened.
In February 2008, President George W Bush signed the Economic Stimulus into Law. The US President also approved the Troubled Asset Relief Program (TARP) in October 2008. TARP provided $700 billion in funds to purchase the assets of struggling company.
Recovery From the Great Recession Real GDP bottomed out in the second quarter of 2009 and regained its pre-recession peak in the second quarter of 2011, three and a half years after the initial onset of the official recession.
In Chicago, Obama worked at various times as a community organizer, lawyer, Lecturer and Senior Lecturer of constitutional law at the University of Chicago Law School in the city's South Side, and later published his memoir Dreams from My Father before beginning his political career in 1997 as a member of the Illinois ...
List of presidents by peak net worthNameNet worth (millions of 2022 US$)Political partyBill Clinton90DemocraticFranklin D. Roosevelt79DemocraticJohn Tyler68Whig / NoneBarack Obama48Democratic41 more rows
John F. KennedyAge of presidents The youngest to become president by election was John F. Kennedy, who was inaugurated at age 43. The oldest person to assume the presidency was Joe Biden, who took the presidential oath of office 61 days after turning 78.
On November 4, 2008, Obama defeated the Republican nominee, Senator John McCain of Arizona, making him the President-elect and the first African American elected President. He was the third sitting U.S. Senator, after Warren G. Harding and John F. Kennedy, to be elected president.