President Obama’s seven year quest to salvage the U.S. economy from the damage done to it by his predecessor George W. Bush has been an overwhelming success, according to the United States Treasury Department. Obama took over as President at a time when the economy, stock market and banking system had collapsed and were on the verge of throwing the nation into a depression due to Bush’s failed policies. But Obama’s initiatives prevented that from happening, and now the Treasury says he’s fully turned the economy around.
Treasury Secretary Jack Lew has confirmed what economists and those familiar with economic policy have already known: the U.S. economy has been growing at a steady rate for several quarters, private sector job growth is consistently high, the unemployment rate has been reduced all the way down to the five percent level which economists view as ideal, and the stock market has grown tremendously. This all occurred even as President Obama reduced the annual federal deficit by seventy-two percent. But the Secretary says there are still challenges ahead.
Lew points to the inequality between the wealthy and the working class, and business tax loopholes, as areas of concern; Obama has tried to tackle both but has faced republican opposition. But he says Social Security is in far better shape than most Americans believe. The Hill has more from the Treasury Secretary.