Review of Barack Obama's Presidency

Background on George W. Bush's Presidency
- Bush's approval rating peaked after 9/11, then plummeted by the end of his term, nearing historically low levels like Truman's.
Candidates
- John McCain (Republican) vs. Barack Obama and Hillary Clinton (Democratic).
- This election marked an open field; the Democratic primary was particularly competitive.
Economic Context
- Major economic troubles, including the bursting of the housing bubble, led to a significant recession (Great Recession).
- Low interest and no money down loans contributed to high-risk lending practices.
Impact of the Great Recession
- In February 2008, the real estate market collapsed, resulting in widespread economic decline.
- Unemployment soared, with significant job losses witnessed in the months following the election.

Obama's Victory
- Obama won with approximately 53% of the popular vote and dominated the electoral college 363 to 171.
- Significantly, he became the first African American president.
Immediate Economic Challenges
- Faced with high unemployment (over 10%) and rapid job loss, Obama took action through economic stimulus.
- The American Recovery and Reinvestment Act included tax cuts and infrastructure spending to stimulate job creation.
Bailouts
- Major automakers like GM and Chrysler received bailout funds.
- The financial burden for these bailouts ultimately fell on taxpayers, increasing national debt.

Healthcare Reform
- Passing of the Patient Protection and Affordable Care Act (Obamacare) in March 2010.
- Mandated health insurance coverage for all citizens and established health insurance exchanges.
- Provided provisions for preexisting conditions and allowed dependents to remain on parental plans until age 26.
Financial Regulation
- The Wall Street Reform and Consumer Protection Act aimed to curtail high-risk banking practices from the Bush administration.
- Implemented new controls on banks and investment companies to prevent a repeat of the crisis.

Backlash and Criticism
- Despite policy successes, Obama faced political challenges, notably from the Tea Party, which emerged in 2009.
- Rising deficits were a point of contention, leading to criticism of both Obama and prior administration policies.
Foreign Policy
- Iraqi War: Obama announced an end to combat operations, fulfilling a campaign promise.
- Afghanistan War: Difficulty in withdrawing troops due to persistent insurgencies, but a surge in troop deployment was also seen.
- Osama Bin Laden’s Death: Significant foreign policy success with the operation that resulted in Bin Laden's death in May 2011.

Income Inequality
- Increasing frustration over growing income disparity, notably with the rise of the “1%.”
- The Occupy Wall Street movement in 2011 called attention to wealth inequality with slogans like “We are the 99%.”
Class and Economic Factors
- Middle-class income stagnation, significant gaps in wealth distribution,
- From 1968 to 2012, the share of income for the top 20% rose from 40% to 51%.
- Focus on education accessibility and job market challenges based on economic shifts.

2012 Election
- Obama reelected during a time of recovery, running against Mitt Romney.
Political Stalemate
- The second term faced gridlock due to a divided Congress, making significant legislative achievements difficult.
Immigration Policy
- Controversial immigration laws passed in states like Arizona, questioning federal enforcement and citizenship.
Civil Rights
- Supreme Court rulings on issues like the Defense of Marriage Act reflected changes in societal attitudes and legal landscapes.
Government Surveillance
- Increasing surveillance and data collection by the National Security Agency raised questions about civil liberties.

Concluding Thoughts
- Continues to face issues of inequality, terrorism, and the balance of national security and personal freedoms.
- The evolution of the U.S. economy and ongoing impacts of the internet on society as a dynamic force for change.