Review of Barack Obama's Presidency

Presidential Election of 2008

• 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 Election and Early Presidency

• 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.

Legislative Achievements

• 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.

Political Environment During Obama’s Administration

• 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.

Politics of Inequality

• 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.

Reelection and Second Term Challenges

• 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.

Challenges Ahead for the U.S.

• 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.