Which was the best economic policy formulated by President Obama in 2014? essay sample

 

President Obama took office in the depth of the Great Recession. One cannot imagine more challenging circumstances for the new administration, nevertheless, the 44th President and his team did a remarkable success in curbing unemployment and reviving the banking system. President Bush had already passed $700 billion to strengthen falling banks, and his successor took on stimulating Wall Street with the American Recovery and Reinvestment Act of 2009. The economic stimulus eventually brought more jobs and higher GDP to the country even though at the cost of a higher federal budget deficit.

By 2014, American economy greatly benefited from the Affordable Care Act that revolutionized the healthcare. Every citizen was required to have a health insurance, including those who could not afford it previously. Consequently, small businesses received tax credits to cover premiums for employees and the federal budget got extra revenue from lowering payments to hospitals.

The ACA was not the only social policy that created a healthy economy. In 2014, President Obama created a new repayment plan that allowed students to limit their payment on students loan to 10 percent of their personal income. The Department of Education made this plan available almost to every student allowing them to save thousands that would otherwise go as interests. The plan stimulated purchasing power of the youth and gave them an opportunity to reinvest saved costs in the economy.

And last, withdrawal of troops from Afghanistan in 2014, Obama cut military spending that was sky-high during his first years in the office. Since then, expenditures from the federal budget covered military training in Iraq and Afghanistan during 2015-2016 fiscal years.