The Current Situation
President Obama inherited a terrible mess: a $1.3 trillion deficit, two wars, rising unemployment and unprecedented crises in our banking system. The Obama Administration has worked tirelessly to address our immediate problems of rising unemployment, falling home prices and limping credit markets, while taking a longer view in laying a strong foundation for future economic growth that benefits all Americans. We are fighting for economic recovery on all fronts.
Get the economy back on track:
President Obama signed legislation to jumpstart our economy, the American Recovery and Reinvestment Act, less than a month after his inauguration. The plan will save or create 3.5 million new jobs, make critical investments in our infrastructure and give 95 percent of working Americans a tax cut.
Fight the housing and financial crises:
A new housing program has stabilized the market, preventing more foreclosures and helping millions more re-finance at historically low mortgage rates. The Administration is also moving forward with its plans to get credit flowing again to businesses and families, and to reform our regulatory system so we have a set of 21st century rules to match 21st century financial markets.
Rebuild our economy on a new, sustainable foundation:
By making bold and wise investments in healthcare, energy and education, and restoring fiscal accountability to government spending, we will cut costs for American families and businesses, create good jobs that can’t be shipped overseas, give our children the education they need to be competitive in the global marketplace and leave our grandchildren a legacy they can be proud to inherit.
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