Type a new keyword(s) and press Enter to search

George W. Bush and Barack Obama

 

(Barrett 2009). Later that same year Obama would also move to sign into law the Car Allowance Rebate System or "Cash for Clunkers", this would allow people to sell old cars for cash and it temporarily boosted the economy. (Mian/Sufi 2010). As he continued to try and alleviate the deficit, Obama would eventually shift the war driven focus of the prior administration, reducing the military presence overseas and shifting more focus on putting money back into the nation's infrastructure. In 2011 Obama would go on to sign the bipartisan Budget Control Act, this act would enforce stricter limits on discretionary spending until 2021, the goal being at least $1.5 trillion in budgetary savings over 10 years. Furthermore by passing this legislation it was able to stop the U.S. government from defaulting on its obligations. Because of Obama's efforts to stabilize the economy, the unemployment rate began to decline and by the end of 2013 the rate has dropped from 10% down to 6.3%. The Congressional Budget Office along with many prominent economists gave credit to Obama's stimulus plan for the increasing growth in the economy and that the stimulus bill increased employment in the country by roughly 1-2.1 million jobs. (Congressional Budget Office 2012). In 2013 Obama would continue to make the economy one of his top priorities and declared that income inequality as a "defining challenge of our time" and would call on Congress to raise wages and strengthen the safety net. (Kuhnhenn 2013). Throughout their Presidencies, Bush and Obama received their fair share of criticism and both worked to bolster the economy and boost the labor market. However the Bush administration was placed in a difficult position with the War on Terror and having to shift more monetary focus towards supporting the war efforts , this made it hard to keep focus on the economy domestically and because of this the U.


Essays Related to George W. Bush and Barack Obama