Barack Obama's presidency (pop culture topic) (12 h 34 min, 4 nov 2008 ans – 11 h 10 min, 26 nov 2017 ans)
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In 2008 Barack Obama made history by being the first African American to be elected president, and he was recently reelected to a second term against Republican candidate Mitt Romney. Barack Obama has also accomplished another historic first; he is the first president who has not only embraced, but utilized popular culture in a way that no previous commander-in-chief has ever done before. Previous presidents have crossed into the pop culture world to a certain extent, such as JFK being serenaded by Marilyn Monroe for his birthday (which was probably not the only birthday gift she gave him), or Richard Nixon’s famous picture with Elvis Presley taken in the oval office, and even an appearance by Bill Clinton playing his saxophone on The Arsenio Hall Show prior to his presidency. However, many president elects have avoided the pop culture scene entirely. Some refused to make appearances on popular TV shows and talk shows because they felt it was beneath the office, while others saw no political gain or advantage; even the former movie star and General Motors spokesperson himself, Ronald Reagan, became much more selective in his TV appearances as president than he ever was as a working actor.
1. Ended the 2008 Recession
In February 2009, Congress approved Obama's $787 billion economic stimulus package. It cut taxes, extended unemployment benefits, and funded public works projects. The recession ended in July when GDP growth turned positive. In just seven months, the American Recovery and Reinvestment Act pumped $241.9 billion into the economy. That increased growth to a robust 3.9 percent rate by early 2010. By March 30, 2011, almost all ($633.5 billion) of the funds were spent.
2. Modernized Auto Industry
Obama bailed out the U.S. auto industry on March 30, 2009. The federal government took over General Motors and Chrysler, saving three million jobs. It forced the companies to become more fuel efficient and therefore more globally competitive.
3. Received 2009 Nobel Peace Prize
On October 9, 2009, Obama won the Nobel Peace Prize. The Committee lauded "his extraordinary efforts to strengthen international diplomacy and cooperation between peoples." He withdrew troops from Iraq in 2011.
He reduced the U.S. nuclear warhead stockpile by 10 percent.
4. Reformed Health Care
On March 23, 2010, the Affordable Care Act revolutionized healthcare. By 2014, the economy benefited from having 95 percent of the population on health insurance. The greater number of people receiving preventive care reduced the number of expensive visits to emergency rooms.
That slows the rise of health care costs for everyone. That's because Medicaid reimburses hospitals for emergency care. Those are the most significant of Obamacare's 10 advantages.
Why did health care need to be reformed? Rising costs threatened to take over the entire federal budget. It was also the no.1 cause of bankruptcies. In return, Americans received the worst health care in the developed world. It is the only one of 33 developed countries without universal health care.
President Donald Trump promised to "repeal and replace" Obamacare. As of October 2017, he has failed to pass any legislation. But he is weakening Obamacare even without repeal.
5. Regulated the Big Banks
In July 2010, the Dodd-Frank Wall Street Reform Act improved regulation of eight areas that led to the financial crisis. The Consumer Financial Protection Agency reduced harmful practices of credit cards and mortgages. The Financial Stability Oversight Council regulated hedge funds and banks that became too big to fail. The "Volcker Rule" banned banks from risking losses with their depositors' money. Dodd-Frank clarified which agencies regulated which banks, stopping banks from cherry-picking their regulators.
Dodd-Frank directed the Securities and Exchange Commission and the Commodity Futures Trading Commission.
These regulated the riskiest derivatives, like credit default swaps and commodities futures. Dodd-Frank also asked the SEC to recommend how the credit rating agencies, like Moody's and Standard & Poor's, could be improved.
6. 2010 Tax Cuts
In December 2010, Obama and Congress agreed upon additional stimulus in the form of an $858 billion tax cut. It had three main components: a $350 billion extension of the Bush tax cuts, a $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. The estate tax was exempted (up to $5 million), and there were additional credits for college tuition and children.
6. Eliminated bin Laden Threat and Withdrew Troops from Iraq and Afghanistan Wars
On May 1, 2011, Navy SEALs attacked the al-Qaida leader's compound in Pakistan and eliminated Osama bin Laden.
Later that year, Obama withdrew troops from the Iraq War. Three years later, renewed threats from ISIS meant troops had to return. The Sunni-Shiite split within Islam means there may always be wars in the Middle East..
In 2014, Obama wound down the war in Afghanistan. Ending the wars in Iraq and Afghanistan should have reduced annual military spending. At over $800 billion, it was the largest discretionary budget item and one of the leading causes of the budget deficit and national debt. Instead, spending on the War on Terror remained higher than during the Bush administration.
7. Raised Fuel Efficiency Standards
On August 28, 2012, the Obama administration announced new fuel efficiency standards. He required cars and light trucks obtain 54.5 MPG by 2025. That would reduce oil consumption by 12 billion barrels, saving drivers $1.7 trillion. It would also reduce the damage of climate change by lowering greenhouse gases.
The Trump administration promised to roll back these standards. But California is requiring zero-emissions vehicles. Twelve other states adopted the mandate. Major automakers must build cars to meet tougher standards in the European Union and Asia.
8. Won 2012 Presidential Re-election
On November 6, 2012, Obama won a second term. Republican Presidential candidate Mitt Romney promised to repeal Obamacare and Dodd-Frank. Voters were not sure about eliminating health benefits and regulations against big banks. Romney failed to capture the country's imagination by not presenting a new vision for economic growth.
9. Reduced Carbon Emissions
Obama announced carbon reduction regulations in 2014. He enacted the Clean Power Plan in 2015. It reduces carbon dioxide emissions by 32 percent from 2005 levels by 2030. It did this by setting carbon reduction goals for the nation's power plants. To comply, power plants agreed to create 30 percent more renewable energy generation by 2030. It encourages carbon emissions trading by allowing states that emit less than the carbon cap to trade their surplus to states that emit more than the cap.
10. Nuclear Agreement With Iran
On July 14, 2015, Obama brokered a nuclear peace agreement with Iran. That meant Iran could not longer build a nuclear bomb in three months. Instead, it would take at least a year. In return, the United Nations lifted the economic sanctions it imposed in 2010. Trump is weakening the agreement to try and negotiate a better deal for the United States.
11. World's Largest Trade Agreement
On October 4, 2015, Obama's team negotiated the Trans-Pacific Partnership. It would have replaced NAFTA as the world's largest free-trade agreement. It would have removed tariffs between the United States and 11 other countries that border the Pacific Ocean. On January 23, 2017, Trump withdrew the United States from the agreement. The other countries are planning to continue the agreement anyway. Japan and the European Union are negotiating their own agreement.
Obama launched the Transatlantic Trade and Investment Partnership between the United States and the European Union. His term ended before negotiations could be finalized. It would have been bigger than the TPP. Trump has not moved forward on the TTIP.
12. International Climate Change Agreement
On December 12, 2015, Obama and 196 other countries announced the Paris Climate Agreement. Countries agreed to reduce carbon emissions and increase carbon trading. The goal is to limit global warming to 2 degrees Celsius above pre-industrial temperatures. Developed countries will contribute $100 billion a year to assist emerging markets. They bear the brunt of damage from climate change. They face increased typhoons, rising sea levels and more severe droughts.
On October 5, 2016, enough countries ratified the agreement that it went into effect. At the 2016 G20 meeting, China and the United States agreed to ratify the agreement. These two countries are the world's largest emitters of greenhouse gases. On June 1, 2017, Trump announced the U.S. withdrawal from the agreement.
13. Best Job Creator
Obama is the biggest job creating president in U.S. history. His policies put 22.309 million people to work from the depths of the recession in January 2010 to the end of his term. That's because unemployment continued to rise even after the recession ended in 2009. It takes a few months of economic growth before businesses are confident enough to begin hiring again.
Since the beginning of his term, he put 17.267 million people to work. That makes him the second best job-creator, following Bill Clinton. Job gains would have been even better if Congress had approved Obama's proposed Americans Jobs Act.
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