"Five years ago this week, a financial crisis unlike any in generations rocked Wall Street, turning a recession that was already hammering Main Street into the worst economic crisis since the Great Depression. In the months before President Obama took office, the economy was shrinking at a rate of over 8%. Businesses were shedding 800,000 jobs a month. Banks had stopped lending to families and small businesses. The iconic American auto industry – the heartbeat of American manufacturing – was on the brink of collapse. It was a crisis that would ultimately cost millions of Americans their jobs, their homes, and their savings – and the decades-long erosion of middle-class security was laid bare for all to see and feel. "President Obama acted quickly to rescue the auto industry, cut taxes for middle-class families, and keep teachers in the classrooms and first responders on our streets. He took on Wall Street, ending taxpayer bailouts, putting in place tough new rules on big banks, and establishing new consumer protections that cracked down on the worst practices of mortgage lenders and credit card companies. He changed a tax code too skewed in favor of the wealthiest Americans, locking in tax cuts for 98% of working Americans, and asked those at the top to pay a little more. And he took on a broken health care system and invested in new American technologies to reverse our addiction to foreign oil. "Five years later, America has fought our way back. Because of these tough choices, over the past three and a half years, our businesses have created seven and a half million new jobs. Manufacturers are adding jobs for the first time since the mid-1990’s. We generate more renewable energy than ever, and our exports are at all-time highs. Health care costs are growing at the slowest rate in 50 years – and our deficit has fallen by 50% since the President took office."
Posted on: Tue, 17 Sep 2013 15:51:03 +0000
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