When the President took office, the U.S. economy was in the midst of the worst financial crisis since the Great Depression. Seven years later, thanks the hard work and resilience of the American people, we have recovered, rebuilt, and emerged as the strongest, more durable economy in the world.
President Obama believes we have to do more than just recover from this economic crisis. We have to create true middle class security by out-innovating, out-educating, and out-building the world. And we need to strengthen small businesses, which are the backbone of our economy and critical to job creation and sustained economic growth.
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In response to the worst economic crisis since the Great Depression, President Obama signed the American Recovery and Reinvestment Act, which helped to create jobs while making the investments we need to create true economic security for the middle class. According to the non-partisan Congressional Budget Office, the Recovery Act supported as many as 3.5 million jobs across the country by the end of 2010.
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When the President took office, the American auto industry was shedding jobs by the hundreds of thousands and GM and Chrysler faced the possibility of liquidation – which would have caused at least 1 million more jobs to be lost. The President made the tough choice to help provide the auto industry the temporary support it needed to grow and prosper. Two years later, GM, Ford, and Chrysler are all adding jobs, generating profit, and investing in their U.S. facilities.
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