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What is the economic significance of the election of Obama to the Presidency?

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rshanae1 | Student, Undergraduate | eNoter

Posted December 11, 2011 at 8:23 AM via web

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What is the economic significance of the election of Obama to the Presidency?

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Ashley Kannan | Middle School Teacher | (Level 3) Distinguished Educator

Posted December 11, 2011 at 9:17 AM (Answer #1)

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I think that there are going to be different points of view on this particular question.  I would say that one of the most significant elements of President Obama's economic policy is wrestling with the challenges of a very traumatized economy at the time of his commencement of the Presidency.  The President has been responsible for initiating a massive stimulus package that he believes has helped to move the nation from the brink of a "Great Depression" type of situation.  This has helped to enable the President to assist the American automakers ("The Big 3") to remain solvent and financially viable.  Another part of the President's economic significance is the passage of the health care bill, something that the President believes will enable to help the economy by reducing health care costs to the consumers and those in need of health care services.  Additionally, I think that the President is seeking to stress the idea of some level of equality in taxation, in asking that the wealthiest of Americans give more in their taxes than those who are in the middle or lower end of the economic strata.  Finally, I would say that the President's demands and calls for stronger regulation and governmental oversight in business practices and in its interactions with consumers represents another portion of his economic significance.

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