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For years before the economic crisis,middle-class security had been slipping away. Wages stagnated while

health care costs soared. Fewer employers offered retirement benefits even as college tuition costs skyrocketed.

And then the Wall Street meltdown and housing market crash led to the loss of 8.8 million jobs and sent the

economy into a deep recession.

As President Obama took office, his economic program both addressed the immediate crisis and laid the foundation

for a U.S. economy that can out-innovate and out-build the world. Weve now added back 2.6 million private sector

jobs, but theres more work to do. Thats why the President is taking aggressive steps to put Americans back to

work, create an economy thats built to last, and restore middle-class security for decades to come.

Putting Americans Back to Work

President Obama passed the American Recovery and Reinvestment Act, which helped stop the hemorrhaging of

job losses that had reached more than 700,000 per month when he took office.

As of September 2011, the economy has added 2.6 million private sector jobs, including 19 straight months of

private sector growth. The American Recovery and Reinvestment Act also included:

A tax cut for 95 percent of working families, helping them keep more of what they earn.

Tax cuts for small businesses to encourage them to hire and help for entrepreneurs to access credit. All

told, President Obama has passed 17 small business tax cuts.

Emergency funding to support about 266,000 jobs in public schools across the country.

Investments in the clean energy sector, creating or saving 224,500 jobs through the end of 2010.

The administration launched the Joining Forces Initiative to help veterans and their spouses succeed in civilian

careers and help their children integrate into new schools when they move.

Rescuing the U.S. Auto Industry

Taking the tough and politically unpopular decision to extend emergency rescue loans to the American auto

industry, President Obama saved 1.4 million jobs at GM, Chrysler, and throughout the domestic automotive

supply chain, preventing an economic catastrophe for communities across the country.

GM and Chrysler were required to cut labor costs and overhaul their business models in exchange for government

loans, guaranteeing their accountability to taxpayers.

Today, GM and Chrysler have repaid their loans and are rehiring thousands of workers. And theyre investing in

fuel-efficient technologies that will allow them to out-innovate and out-build their competitors around the globe.

PRESIDENT OBAMAS RECORD IN BRIEF:

THE ECONOMY

8/3/2019 Obama Record on Economy - november 2011

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Creating an Economy Thats Built to Last

President Obama launched the Advanced Manufacturing Partnership, a national effort to invest in technologies

that will create high-quality manufacturing jobs and enhance Americas global competitiveness.

President Obama provided tax incentives for clean energy technologies such as wind turbines and advanced

car batteries to grow high technology U.S. manufacturing capacity and supply clean energy projects with

American-made parts and equipment.

President Obama created the National Export Initiative, a government-wide effort to help small businesses

compete in the global marketplace and double our nations exports by 2015.

To level the playing field for American businesses and workers, President Obama signed trade agreements with

North Korea, Colombia, and Panama. Together, the agreements are estimated to increase exports by over $11

billion and support over 70,000 American jobs.

To protect those who have been hurt by outsourcing, President Obama fought for the Trade Adjustment

Assistance Extension Act to provide benefits and retraining to workers who have seen their jobs move overseas.

Reforming Wall Street and Protecting Consumers

President Obama passed the Wall Street Reform and Consumer Protection Act to hold Wall Street accountable

and end taxpayer-funded bailouts.

Wall Street reform ensures that if a financial company fails, it will be Wall Street that pays the pricenot the

American people. It also sets ground rules for the riskiest financial speculation and allows the government to

shut down failing financial companies that threaten our economy.

The reform created the Consumer Financial Protection Bureau to make sure that credit card companies and

mortgage and payday lenders have to follow the rules, and that consumers will be protected from unfair financial

practicesincluding hidden credit card interest rate hikes and mortgage payment costs and increases.

Supporting Small Business

Recognizing that small businesses are the engine of job creationresponsible for two out of every three new

jobs in the United StatesPresident Obama has cut taxes for small businesses 17 times.

The Affordable Care Act supports small businesses by providing them with better affordable health care options for

employees, simpler administrative operating rules, and billions of dollars in tax credits.