Economy

"I won’t be satisfied until every American who wants a job can find one, and until workers are getting paychecks that actually pay the bills, until families don’t have to choose between buying groceries and buying medicine, between sending their kids to college and being able to retire in some dignity and some respect."

-President Barack Obama, July 22, 2011

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Guiding Principles

President Obama’s central focus is on stimulating economic recovery and helping America emerge a stronger and more prosperous nation. The current economic crisis is the result of many years of irresponsibility, both in government and in the private sector. As we look toward the future, we must confront the many dimensions of this crisis while laying the foundation for a new era of responsibility and transparency.

Progress

On September 19, 2011 President Obama unveiled a plan for economic growth and deficit reduction that details how to pay for the American Jobs Act while also paying down our debt over time.
On September 8, 2011, President Obama introduced the American Jobs Act during an address to a joint session of Congress. The American Jobs Act will put more people back to work and put more money in the pockets of working Americans. On September 12, the President sent the bill to Congress
On August 16, 2011, President Obama attended the White House Rural Economic Forum, where he announced new jobs initiatives recommended by the White House Rural Council for growing the economy and creating jobs in rural America. The Council’s recommendations focus on key areas of need in rural communities, including helping rural small businesses access capital, expanding rural job search and training services, and increasing rural access to health care workers and technology.
The President signed the Budget Control Act of 2011 to reduce the deficit and avert a default on our obligations that would have devastated our economy.
Launched the Consumer Financial Protection Bureau, whose central mission is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.
Launched Startup America to celebrate, inspire, and accelerate high-growth entrepreneurship throughout the nation.
The President signed Wall Street Reform, the most sweeping reforms since the Great Depression, to hold Wall Street accountable, put an end to bailouts and "too big to fail," and enforce the strongest consumer protections in history.
The President signed the Small Business Jobs Act providing tax breaks and better access to credit for millions of small businesses.
The President signed the HIRE Act providing a payroll tax credit for companies that hire employees who have been looking for work for 60 days or more. Millions of workers have been hired through this process already.
The President launched the National Export Initiative with a goal of doubling exports and supporting several million new jobs over five years.
The President launched a $15 billion plan to boost lending to small businesses.
President Obama played a lead role in G-20 Summit that produced a $1.1 trillion deal to combat the global financial crisis.
The President signed the Fraud Enforcement and Recovery Act which gives the federal government more tools to investigate and prosecute fraud, from lending to the financial system, and creates a bipartisan Financial Crisis Inquiry Commission to investigate the financial practices that brought us to this point.
The President signed the Helping Families Save Their Homes Act, expanding on the Making Home Affordable Program to help millions of Americans avoid preventable foreclosures, providing $2.2 billion to help combat homelessness , and helping to stabilize the housing market for everybody.
The President signed the American Recovery and Reinvestment Act, which has been responsible for about 3 million American jobs and brought the economy back from the brink of another depression.
The President announced the "Making Home Affordable" home refinancing plan.
The President signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act to protect Americans from unfair and deceptive credit card practices.

Keeping Americans in Their Homes

Millions of hard-working, responsible families are at risk of losing their homes as home prices fall and jobs are threatened. The Making Home Affordable Refinancing program will expand access to refinancing for up to 4 to 5 million families who are current on their mortgages but otherwise unable to refinance because their homes have lost value. The Making Home Affordable Modification program has a $75 billion commitment to support loan modifications so that up to 3 to 4 million borrowers at risk of foreclosure can keep their homes. President Obama’s programs to prevent foreclosures will help bolster home prices and will provide direct support to up to 9 million homeowners to refinance for lower payments or have their mortgages modified to prevent foreclosure. President Obama also launched MakingHomeAffordable.gov, where borrowers can learn basic facts about mortgages, homeownership, and resources available.

Bringing Stability to Financial Markets

This crisis has taught us the real impact that financial markets and institutions can have on working families. President Obama has worked to get credit flowing again so that small businesses can rebuild and hire workers and families can afford to send their children to college. At the same time, the President has demanded accountability and transparency both on Wall Street and in Washington, taking steps to ensure that banks use taxpayer assistance to support lending and create sustainable economic growth. For the long term, the President will create a new regulatory framework that holds market players responsible for their actions and stops fraudulent practices before they take hold.