Obama's Economic Policies Have Been Successful

I thank Con for initiating this debate. As for the economic policies, it is important to keep in mind that Mr.Obama inherited the worst economic crisis since the Great depression. The national debt hit an unprecedented level in 2008 with 10 trillion dollars. Years of damages cannot be fully repaired within four years. On the basis of these conditions, I would argue that Mr.Obama"s economic polices have been very successful. P.S. Due to some technical issue, I am unable to provide references in this round. I will be posting the link in "Comment" area as soon as the problems are fixed. Most my data/information was retrieved from the White House Website, but I am unable to obtain URL of the specific pages at the current moment. I deeply apologize for any inconvenient it may have caused. Economy "Not since 1933 had an American president taken the oath of office in an economic climate as grim as it was when Barack Obama put his left hand on the Bible in January 2009. The banking system was near collapse, two big car manufacturers were sliding towards bankruptcy; and employment, the housing market and output were spiraling down" ~ The Economist:Barack Obama"s economic record End-of-term Report Auto Industry Bailout "Rescued the American auto industry from auto industry from collapse, saving more than 1 million jobs around the country. U.S. Automakers have added nearly 250,000 jobs since June 2009 - the best period of growth in more than a decade" ~ The White House - Manufacturing & Auto Years of mismanagement lead both car makers, General Moto (GM) and Chrysler, to the brink of collapse. Again, despited of the vehement resistances from Congressional Republicans, Mr. Obama took the hard choice. Mr.Obama clearly recognized the important role the auto-industry have played in the economy. One million jobs were eventually saved because of the government bailout. GM and Chrysler returned to profit again with GM"s stock re-listed in 2010. Mr.Obama resisted the temper to punish corrupted bankers on the expense of american people. Mr.Obama should be rewarded for his courage and perseverance. Tax Relief for Middle-Class Families and Small Businesses Mr.Obama believes that we-are-all-in-together and strong middle class are the key to the economic growth, therefore Mr.Obama has but taxes for middle class families every year he has been in office. For instances, a typical middle class family has gotten a tax cut of $3,600 over the last four years. Over 15 million working families with children benefit from the President"s Improvement to Child Tax Credit, and starting in 2014, about 18 million individuals and families will get tax credits for health insurance coverage averaging about $4,000 apiece. In addition, Mr.Obama has made 18 tax cuts for small business, ranging from 100% expensive to the small business health tax credit, to stimulus the economy. As the results, the American"s economy has gradually backed on track. Job Growth (Up-to-Today) We were losing 800,000 jobs a month when I started, but we had digging our way out of polices that were misplaced and focused on the top doing very well and middle class folks not doing well. Now, we"ve seen 30 consecutive-31 consecutive months of job growth; 5.2 million new jobs created and the plans that I talked about will create even more. ~ President Obama Domestic economy is very important to this election, and one of the key measurements of the health of economy is job growth. The unemployment rate fell to 7.8 percent in September, the lowest rate since January 2009. It indeed took Mr.Obama very long time to get the economy back on track, but it occurred not without reasons. Reasons Behind the So-Called "Mediocre" Record of Recovery. The recoveries from financial crisis are inherently weak. The most recent grand-scale economic meltdown was dated back to 1934 when the Wall Street collapsed. As the recovery during 1934 has suggested, the current recovery is normal. Additionally, the recent economy recovery was stymied by relatively high oil/gas prices in the mid-2009. The recovery was further slowed by European debt crisis. The collapse of Greek, Portugal, Spain and Italy economy worsen the domestic economic conditions. Mr.Obama is paying great attention on the European debt crisis and he had urged European leaders to look for the best solution without restraining the European and global economic growth. Job Growth (In the Future): According to Moody"s Analytics, it is expected that the U.S. would generate additional 12 millions jobs by 2016 (2012-2016). Macroeconomic Advisors in April also predicted a net gain of 12.3 million jobs by 2016. The nonpartisan agency further assumes that 9.06 millions will be created between 2013 and 2017, on the basis of today"s economic policy. Therefore, it is arguably that President Obama"s economic plan is successful. Energy Policy The President has taken unprecedented action to build the foundation for a clear energy economy, tackle the issue of climate change, and protect our environment. ~ The White House Domestic oil and natural gas production has increased every year President Obama has been in office. In 2011, American oil production reached the highest level in nearly a decade and natural gas production reached an all-time high. In 2010, the United States imported less than half of all oil consumed - a first in 13 years. Net imports as a share of total consumption declined from 57 percent in 2008 to 45 percent in 2011 - the lowest level in 16 years. In the last year alone, the United States have cut net oil imports by 10 percent. Since 2009, the Department of Interior has approved 20 onshore renewable energy projects, including 16 solar, 5 wind, and 8 geothermal projects. Besides, the Department of Interior is committed to issue permits for 10,000 megawatts of renewable power on the public lands and in offshore waters by the end of 2012, enough to power 3 million homes. Mr.Obama has also committed to support the financing of a new nuclear power plant in Burke, Georgia. The plant received its license in February 2012, making it the first new commercial nuclear power plant approved in the United States in more than three decades. Education If we want America to lead in the 21st century, nothing is more important than giving everyone the best education possible - from the day they start preschool to the day they start their career. ~ President Barack Obama. Mr.Obama"s economic plan takes a great care of the future generations. He firmly believed that education is the key to success. Under his leadership, President Obama has raised the maximum Pell Grant award to 5,550 since 2008, with 9.5 million students receiving Pell Grants in the 2012-13 school year. In conclusion, on the basis of analysis, I would suggest that President Obama"s economic plan is successful. Thank you.