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Obama's work with the economy
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American Recovery and Reinvestment Act of 2009
February 17,2009-President Obama signed the $787 billion economic stimulus package into law.
The "American Recovery and Reinvestment Act of 2009" includes a variety of spending measures and tax cuts intended to promote economic recovery. It had the goal of saving people’s jobs and creating new ones. It also is intended to take care of economic issues that have been neglected. This event is an example of a budget deficit -
Trade with China
(Trade) February 2012- The U.S. trade deficit with China rises from $273.1 billion in 2010 to an all-time high of $295.5 billion in 2011. The increase accounts for three-quarters of the growth in the U.S. trade deficit for 2011. -
Savings
[Savings] 2012-present--Americans under the age of 35 have stopped saving. Their savings rate is roughly -2%, meaning that they are going through their assets quickly or are going into debt. Although it’s good in the short-term for spending and economic growth, they won’t be able to spend in the future. -
MyRA
President Obama signs a presidential memorandum creating a federally-backed savings account program for low and middle income wage earners called My Retirement Account (MyRA). This program was created by the US Treasury and was designed to help the people who need it most save for retirement. People create the account online and start to save. It is like a bank account. People can withdraw and deposit money as they please. They can take out or put in as much as they want. This is an example of -
Rise in budget deficit
[Budget] Jan 2016--The budget deficit is set to rise in 2016, increasing by $105 billion. This is the first rise since the economic crisis in 2009. This deficit is mostly due to year-end legislation, which includes tax breaks for companies and people that will cost $650 billion over 10 years. The cumulative deficit will be $9.4 trillion over the next 10 years.
