A look back at President Obama's first three years

To The Daily Sun,

Aside from the rage and threats of retaliation during the last few days, how does Trump’s first three years stack up against his predecessor?

First I will attempt to touch upon the Obama accomplishments from 2008 to 2012.

As the Bush presidency ended, there was an impending global collapse of the economy. Repealing a part of the Glass/Steagall Act had allowed the financial markets to influence banks to issue sub-prime mortgages. Those were bundled and offered as highly leveraged investment packages. In 2007, the Dow was at a high of 14000. By the end of 2008 it had dropped to just under 8800. Home values tanked, unemployment rose and the owners of the sub-prime mortgages owed more than their homes were worth.

Obama, when he took office, had a majority in both houses of Congress. He asked for and got an $800 billion stimulus package. His economic program rescued the banks and GM, among others, and began to fund infrastructure programs. Mortgages and savings lost during the crisis were not restored. Ordinary Americans took a severe hit. Most of the questionable mortgages became involved in a rash of bankruptcies.

Health care reform was the biggest initiative and was passed in 2010 by a narrow vote margin. The Affordable Care Act was not well-received by the Republicans. It so enraged the conservative movement and Fox News that they vowed to take Obama down. Glen Beck and the Tea Party swung into action. In a concerted effort to take back the Congress, they brought a case to the Supreme Court. The so-called Citizens United case turned big money Super PACs into cash cows for Republicans running for office. Democrats lost the House in 2010 and the Senate in 2014. Progress was blocked by the House from 2010 forward.

Delay, oppose, and government shutdown were designed to make the first term his last. The American public didn’t agree and Obama was elected for a second term. During that term, the Republicans continued as before at the expense of the country’s recovery. With their cooperation, the economy would have recovered much faster. The Republicans have conveniently forgotten how they continually opposed legislative initiatives submitted by the Obama administration from 2008 through 2015.

A synopsis of Trump’s first term will follow next week.

Bill Dawson

Northfield