People are always asking what he has done. He has accomplished a lot. It just does not feel like it for many.
Albeit the debt is at $16T, the cost of it is a record lows. So the interest burden is much lower than it would have been years past.
Americans have been able to save lots of money refinancing their homes. This was huge when it was happening under George H Bush. It just does not show up as much when things were as bad as it was these past few years.
The stimulus was a necessary evil even though it created more debt, because states and local governments could not go to their citizen to finance their shortfalls the recession put them in.
Same with the Banks that the blame should be dually put on, they had nowhere to go for capital, so the government had to step up. Ask yourself would you invest your money in a bank that stock price is plummeting.
Had GM failed in good times, normal bankruptcy would have worked it out in a positive way, but since things were so bad, bankruptcy would have destroyed the company and it would have ended up in series 7 liquidation, leaving the folks that had worked there and saved with nothing. The government financing and a well thought out prepackaged bankruptcy filing allowed both GM and Chrysler to come out of this the best they could.
This thing caught many of us off guard thus leaving us with a personal overhang of debt. You could not re-leverage the house, too much credit card debt and for many job loss. It seemed unfair bailing out the companies that put us here, but it had to be done even though it stunk to high heaven.
This thing caught one of my peers here at the bank off guard. This is a man that had managed his money well for years, but had taken on some extra debt to improve his weekend ranch, and now his stock portfolio was less because he made some bad calls and where in the past bank bonuses had always had a way of catching you up were not available because our little bank had taken $26MM of TARP and the rule got handed down that executives could not receive bonuses, so I have watched this guy sit in the same place for 4 years now.
Credit Card rates went through the moon for good reason because the risk was high, but this president passed laws that would not let them charge folks those rates.
FHA was expanded to help folks just could not expand it enough. 1st time home buys got $8M to help get rid of the oversupply. Cash for clunkers gave the auto business a shot in the arm too.
He also knew that if healthcare was not addressed it would bring us down, so knowing the political cost he did it anyway.
See the people of this country are blaming Obama for the debt overhang…the meager taxes they are paying is too much because they are living above their means and they can’t remortgage their house anymore to bail themselves out….they should be happy that they have been able to refinance their debt at considerably lower rates.
That is it in a nutshell and that is what will beat him if he is beaten, not because Romney is great. Do you want to be one of those disgruntled folks that need to blame someone else?