United States Economy

762 WordsFeb 4, 20183 Pages
According to the U.S. Labor Statistics 2011 report, when President Obama took office, the economy was shedding nearly 800,000 jobs each month and millions of families were unable to make ends meet. African Americans were hit especially hard by the recession struggling with significant economic losses, including near-record high levels of unemployment and low average earnings (U.S. Labor Statistics 2011). From day one the President has made turning the economy around a top priority, and the policies enacted through the Recovery Act of 2009 have had a significant impact on the country’s economic well-being. According to the Center on Budget and Policy Priorities, the Recovery Act and later expansions and extensions kept 1.3 million African Americans above the poverty line last year alone (Sherman 2009). And this year, the continued expansion of just two tax credits – the Earned Income Tax Credit and the Child tax Credit – has benefited an estimated 2.2 million African American families and almost half of all African American children. The targeted tax relief enacted by President Obama through both the Recovery Act and the December tax Deal has provided relief to nearly every American, helping them bear the brunt of the recession and supporting them as the economy has recovered (The President Agenda and the African American Community, November 2011 pg. 4). Last December, President Obama fought for and secured a 2 percent employee-side payroll tax cut (from 6.2
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