By Paul Glastris, Ryan Cooper, and Siyu Hu
1. Passed Health Care Reform: After five presidents over a century failed to create universal health insurance, signed the Affordable Care Act (2010). It will cover 32 million uninsured Americans beginning in 2014 and mandates a suite of experimental measures to cut health care cost growth, the number one cause of America’s long-term fiscal problems.
2. Passed the Stimulus: Signed $787 billion American Recovery and Reinvestment Act in 2009 to spur economic growth amid greatest recession since the Great Depression. Weeks after stimulus went into effect, unemployment claims began to subside. Twelve months later, the private sector began producing more jobs than it was losing, and it has continued to do so for twenty-three straight months, creating a total of nearly 3.7 million new private-sector jobs.
3. Passed Wall Street Reform: Signed the Dodd-Frank Wall Street Reform and Consumer Protection Act (2010) to re-regulate the financial sector after its practices caused the Great Recession. The new law tightens capital requirements on large banks and other financial institutions, requires derivatives to be sold on clearinghouses and exchanges, mandates that large banks provide “living wills” to avoid chaotic bankruptcies, limits their ability to trade with customers’ money for their own profit, and creates the Consumer Financial Protection Bureau (now headed by Richard Cordray) to crack down on abusive lending products and companies.
4. Ended the War in Iraq: Ordered all U.S. military forces out of the country. Last troops left on December 18, 2011.
5. Began Drawdown of War in Afghanistan: From a peak of 101,000 troops in June 2011, U.S. forces are now down to 91,000, with 23,000 slated to leave by the end of summer 2012. According to Secretary of Defense Leon Panetta, the combat mission there will be over by next year.
6. Eliminated Osama bin laden: In 2011, ordered special forces raid of secret compound in Abbottabad, Pakistan, in which the terrorist leader was killed and a trove of al-Qaeda documents was discovered.
7. Turned Around U.S. Auto Industry: In 2009, injected $62 billion in federal money (on top of $13.4 billion in loans from the Bush administration) into ailing GM and Chrysler in return for equity stakes and agreements for massive restructuring. Since bottoming out in 2009, the auto industry has added more than 100,000 jobs. In 2011, the Big Three automakers all gained market share for the first time in two decades. The government expects to lose $16 billion of its investment, less if the price of the GM stock it still owns increases.
8. Recapitalized Banks: In the midst of financial crisis, approved controversial Treasury Department plan to lure private capital into the country’s largest banks via “stress tests” of their balance sheets and a public-private fund to buy their “toxic” assets. Got banks back on their feet at essentially zero cost to the government.
9. Repealed “Don’t Ask, Don’t Tell”: Ended 1990s-era restriction and formalized new policy allowing gays and lesbians to serve openly in the military for the first time.
10. Toppled Moammar Gaddafi: In March 2011, joined a coalition of European and Arab governments in military action, including air power and naval blockade, against Gaddafi regime to defend Libyan civilians and support rebel troops. Gaddafi’s forty-two-year rule ended when the dictator was overthrown and killed by rebels on October 20, 2011. No American lives were lost.
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