Thursday, July 5, 2012

What Obama Has Done

 So, recently there have been a lot of accusations from the right claiming Obama has done little to nothing and that the economy, as well as the country, is worse off than when he stepped into office. Not only is this untrue it is a blatant misrepresentation of the facts. In fact Obama  has executed many sound policy decisions and the country is better than we were four years ago under Bush. Likewise, Mitt Romney, the current Republican Candidate for President, would be dangerous for our country especially if he is truly honest about some of the policies he is advocating. This includes critiques of Obama's policy decisions regarding the Auto and Financial Industry Bailouts and Foreign Policy.

  Due to Obama's stimulus and Bailouts he has staved off a Depression and has moved us out of a Recession. Many on the right in Washington predicted a total failure of the TARP program, as well as The American Recovery And Reinvestment Acts and Bailouts. Yet, by enacting these programs the government saved millions of jobs. In addition the bailouts have netted the United States a profit due to interest on loans to the Financial and Banking Industry as well as loans and company shares in the Auto Industry . The Auto Industry was in particular trouble, with no private equity to be found it was necessary for the government to partially nationalize the industry allowing Ford, Chrysler, and GM to restructure and become profitable once again. Mitt Romney actually advocated allowing the Auto Industry to go bankrupt in a New York Times Op-Ed. He advocated a structured bankruptcy of the companies and claimed the auto industry would be destroyed if bought out by the government. Romney obviously does not understand economics, business sure, economics no. If it were one company, yes you would allow the company to go through bankruptcy, manage it's debt and restructure or begin the process of closing it's doors. This was not one company this was the entire auto industry, likewise with the financial industry. These were millions of jobs at stake and a vital American Industry with no privately held capital in the market willing to take the risk. It became necessary for the government to take action to save millions of jobs and save an industry that has been essential to the American economy. Since then the Auto Industry has prospered from the bailout and companies like Ford have restructured bought their shares back from the government and are now profitable. The government still owns the majority of shares in GM but under guidance of the new CEO the company is now profitable and has once again become the most popular auto maker in the world while saving 1.4 million jobs. Maybe  Romney  thought he could make a quick buck if Detroit went under, being head of Bain Capital a corporation that buys companies in bankruptcy then guts them and sells their assets. This is just one portion of what Obama has done, more is to come in my continuing series "What Obama Has Done."

What Obama Has Done

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