Congress ignored his request to raise the U.S. minimum wage to a living wage. He spent $128 billion on health, $112 billion on education, and $22 billion on housing and heating.
This was how the 2005 Bankruptcy Act led to the Great Recession. Creating a universal health care plan was one of Obama's goals in health care reform. How Have Democratic Presidents Affected the Economy? Find key speeches he has delivered since taking office in January 2009. Expand the Earned Income Tax Credit and Child Tax Credit for low-income workers. Review NAFTA: Obama promised to review the North American Free Trade Agreement and other free trade agreements to protect labor and the environment. Require disclosure of all pension investments. Reporting: Juliet Eilperin, Michael A. Fletcher, Anne E. Kornblut, Alec MacGillis, Philip Rucker, Michael D. Shear, Scott Wilson; Design: Wilson Andrews, Jacqueline Kazil, Laura Stanton, Karen Yourish. He repeated his promise in the 2012 campaign to end tax breaks for outsourcing. $25 billion in public works projects. After winning a majority of delegates in the Democratic primaries of 2008, on August 23, leading up to the convention, the campaign announced that Senator Joe Biden of Delaware would be the vice presidential nominee. Double fuel economy standards within 18 years. Obama did sign an executive order that requires all government contractors to raise their minimum wage to $10.10 an hour. Eliminate special interest business deductions, such as for the oil and gas industry.

Obama verbally supported it. Flexible work schedules. They got $400/$800 through the reduction of withholding tax. While running for office in 2008, Barack Obama made many promises about fixing the economy.

Homeowners drained the equity in their homes to pay bills because they couldn't declare bankruptcy on their personal debt. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. Reform bankruptcy laws for families facing a medical crisis. The DOE's goal was to cut oil consumption by 2 million barrels per day by 2025. Improve new building efficiency by 50 percent in 10 years. Pushed for Technology, Innovation, and Creation of Jobs: From the depths of the recession to the end of his term, Obama created policies that would: Address Predatory Credit Card Practices and Reform Bankruptcy Laws: Obama’s economic reforms included modifying banking and financial policies that would: Protect Homeownership: Obama wanted to provide 10% tax credit for the 10 million mortgage-holders who do not itemize. Create a National Health Coverage Exchange to monitor and provide information. Crack Down on Mortgage Fraud: He promised to create a fund to help homeowners in foreclosure to either refinance or sell their home. The candidate also promised to solve many long-term economic problems, like the high cost of health care, U.S. dependence on foreign oil, and the stimulation of more technology and innovation. Double federal funding for basic research.

Obama didn't change the bankruptcy laws. Reform Minimum Wage: Obama promised to index the minimum wage to inflation. Obama’s stimulus in 2009 cut taxes for 95 percent-- 94.3 percent to be exact -- of working families, allowing him to quickly follow through on his promise to do so. Tax credits of $500 per person /$1,000 per family. What You Need to Know About President Trump's Impact on the National Debt, Patient Protection and Affordable Care Act, CFPB has proposed new underwriting standards, repeal the 2005 Bankruptcy Prevention Act.

Create a Credit Card Bill of Rights to protect consumers from unfair practices. What follows is a selection of significant promises Obama made to voters in 2008. Done temporarily as part of the, Invest $150 billion over 10 years to deploy clean technologies. Use our database to track how President Obama spends his time, which issues get the most attention and whom he meets with – both inside and outside the White House. The Post has evaluated key parts of the president's campaign agenda to see how it has fared. $25 billion for health, education, housing, and heating assistance. In his 2013 SOTU, he promised to return research and development spending to the 1960s levels. While running for office in 2008, Barack Obama made many promises about fixing the economy. Require that all children have health care coverage. He spent $83 billion. The Post has evaluated key parts of the president's campaign agenda to see how it has fared.

The Act made it harder to declare bankruptcy. Fix Wall Street: Candidate Obama said he would streamline regulatory agencies. Find out more about how we use your information in our Privacy Policy and Cookie Policy. He pledged to end the Great Recession and change the policies that had caused it.

Eliminate income tax for seniors making less than $50,000 per year. Improve existing building efficiency by 25 percent in 10 years. The 2008 presidential campaign of Barack Obama, then junior United States Senator from Illinois, was announced on February 10, 2007, in Springfield, Illinois. Has Donald Trump Brought Back American Jobs? Every week President Obama delivers remarks on pressing issues. Here are the most important promises and how well he fulfilled them as president. That would help low-income wage earners, the so-called working poor, to earn a decent standard of living. Establish a credit card rating system to educate consumers on risk. Here's a list of most of the promises and how the package fulfilled them: But Obama did not fulfill his promise to enact a windfall profits tax on oil companies. Many experts now think this helped cause the 2008 financial crisis.

That would have given families a $1,000 rebate. The Dodd-Frank Wall Street Reform Act addressed them all. Obama 2008 Economic Promises and Platform, 2020 Presidential Candidates: Biden vs. Trump and Their Policies. Promote the Work/Family Balance: Obama implemented policies that supported: All these promises were listed in candidate BarackObama.com’s "Issues and the Economy.". President Obama made hundreds of promises as a candidate. HuffPost is part of Verizon Media. The American Recovery and Reinvestment Act of 2009 though ended the Great Recession with fiscal policies that stimulated the economy. Social Security recipients got a check for $250. These included interest charges on fees and unilateral changes. He promised to establish a financial market advisory group, improve transparency for financial disclosure, and would crack down on trading activities that could manipulate markets.
You can thank Congress for that. This also remains unfulfilled. Provide Health Care Reform: Obama promised to offer health care coverage similar to that used by Congress.

We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. The Greenbay Press Gazette’s article, "Obama Strikes Back on Economic Reform," published on September 23, 2008, said that he would focus on those banks that used funds from the Troubled Asset Relief Program. Obama created the, Expansion of the Family Medical Leave Act. Democrat or Republican: Which Political Party Has Grown the Economy More? Note: Please upgrade your Flash plug-in to view our enhanced content. She writes about the U.S. Economy for The Balance. It also prevented them from lobbying after they left office. Current status To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. This was not fulfilled.

He has repeated his 2008 pledge to eliminate oil and gas business deductions and double federal funding for basic research. Healthcare If you have health care, my plan will lower your premiums. Reform Bankruptcy Laws: Obama promised to repeal the 2005 Bankruptcy Prevention Act. How President Reagan Ended the 1980s Recession, The Green New Deal and How It Boosts the Economy, How to Ruin an Emerging Market Success Story. Energy: Obama fulfilled his promises to invest $150 billion in clean technologies and increase fuel economy standards. He did assist families with medical costs through the ACA.

He fulfilled promises to eliminate capital gains taxes for small business investors and extend write-offs for small business equipment purchases. Make all new buildings carbon neutral, or produce zero emissions, by 2030. End the Recession: Obama's economic stimulus package ended the recession in July 2009. According to The National Journal’s "The Promise Audit," he made progress in putting meetings between government agencies and lobbyists online for the public to review. Obama fulfilled these two promises with the. The American Recovery and Reinvestment Act invested $17 billion in renewable energy tax cuts. He fulfilled this promise by making homes affordable through the Home Affordable Refinance Program. Unfortunately, this was, Double funding for after-school programs. Ban executive bonuses for bankrupt companies. He pledged to end the Great Recession and change the policies that had caused it.

Track the status of the President’s campaign promises. He kept many, but certainly not all, of them. Obama. Kimberly Amadeo has 20 years of experience in economic analysis and business strategy. He included those safeguards in agreements with Korea, Colombia, and Panama, but did not tackle NAFTA. Track and analyze the timing, demographics and connections of Obama's senior political appointments. How?

The Department of Energy's. Want more? According to "Issues and Healthcare" at BarackObama.com, he said he would: The 2010 Patient Protection and Affordable Care Act addressed all these pledges but one. Private companies provide health insurance instead of the federal government. Reduce oil consumption by 10 million barrels of oil by 2030. Spend $10 billion to move health care providers to an all-electronic system. Provision of a refundable tax credit for low-income families to help with their child-care expenses.

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