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Great Recession
It was primarily caused by the housing bubble and rising interest rates. The housing bubble was an event that caused the availability to buy a home to many of the people. However rising interest rates and bad banking caused taxes to rise and people began losing their home, it was the highest foreclosure rate ever.
Deficit Area: Budget
Result
Video: https://www.youtube.com/watch?v=Dz_7ikEc26w
http://stateofworkingamerica.org/great-recession/ -
Affordable Care Act
Also known as Obama Care, this reform lowers the price of healthcare so that more Americans can gain access to it. It allows for higher quality healthcare for anyone who needs it, including those who are uninsured.
Deficit Area: Savings
Fiscal Policy
https://www.hhs.gov/healthcare/facts-and-features/key-features-of-aca/ -
2010 Tax Cuts
$858 billion tax cut with 3 main components: $350 billion extension of Bush Tax Cuts, $56 billion extension of unemployment benefits, and a $120 billion reduction in workers' payroll taxes. Businesses received $140 billion in tax cuts for capital improvements and $80 billion in research and development tax credits.
Deficit Area: Budget
Fiscal Policy
https://www.thebalance.com/what-has-obama-done-11-major-accomplishments-3306158 -
Trans-Pacific Partnership
If ratified, would have replaced NAFTA as the world’s largest free-trade agreement. Would have removed tariffs between the US and 11 other countries on the border of the Pacific Ocean. Obama’s term ended during negotiations.
Deficit: Trade
Fiscal Policy
https://www.thebalance.com/what-has-obama-done-11-major-accomplishments-3306158 -
International Climate Change Agreement
Countries agreed to reduce carbon emissions and increase carbon trading. Members decided to limit global warming to 2 degrees Celsius above pre-industrial temperatures. Developed countries will contribute $100 billion a year to assist emerging markets.
Deficit Area: Trade
Fiscal Policy
https://www.thebalance.com/what-has-obama-done-11-major-accomplishments-3306158 -
Trump Elected President
Donald Trump (republican) won the general election against Hillary Clinton on November 9, 2016. On January 20, 2017, he was sworn into office as the 45th President. He has plans to change a lot of what Obama did while in office, and deploy America first economic policies.
Deficit: Leadership
Fiscal Policy
http://www.bbc.com/news/world-us-canada-35318432
