What are the different views of people regarding Obamanomics?
What is Obamanomics?
The former president, Barack Obama’s term was from 2009 to 2017. During these years, his administration formed several economic policies, and we call it Obamanomics. It combines the terms Obama and economics. When we say Obamanomics, we usually talk about matters involving tax policies, economic stimulus programs, healthcare reforms, and the like. The administration’s efforts are to combat the Great Recession that happened in 2008.
People have different opinions and feelings regarding Obamanomics. Of course, one major factor is the political views of the person being asked. In a sense, there will always be two sides: the pro and the anti. In this case, we have those who prefer an activist role in the economy and those that prefer less federal involvement. The first group may feel neutral or supportive about the federal government trying to protect the best economic interests of Americans. On the other hand, the second group may think that the federal government should not choose the economy’s winners and losers and that it should not stand in the way of the economic efficiency of free markets. It may view the term that comes with the policies it represents unfavorably.
The supporters and detractors
Supporters see Obama as the hero who saved the economy from chaos when he implemented agendas. These agendas are meant to stimulate economic growth. He made policies like Obamacare or the 2010 Patient Protection and Affordable Care. There was also ARRA or the American Recovery and Reinvestment Act. This stimulus package was worth $831 billion. He raised the taxes of those who earn massive incomes and imposed cap or sequester, and more.
Obama was not spared from various detractors. They believe that this increased government spending, taxation, and regulation. They think that this is a risk for socialism and the command economy. Critics see Obamanomics as an unwelcome expansion of the government’s role in the economy. Many people say that it can pass as the opposite of Reaganomics which are the economic policies during the term of the former president Ronald Reagan. Unlike Obamanomics which involves an extensive government role in the economy, Reaganomics focuses on lower taxes, reduced government spending, and lesser regulations.
People have different opinions on the topic, and they have the right as citizens. Some see Obamanomics positively and some negatively. But all in all, we can simply define it as President Obama’s economic policies during his term without all the connotations.
What we know so far
Obamanomics refers to the set of economic policies that were created during President Barack Obama’s administration. It refers to the stimulus programs that tried to fight the Great Depression in 2008. An example of the policies includes the ARRA or the American Recovery and Reinvestment Act. Many people criticized Obamanomics because it represents an unnecessary expansion of the government’s economic role. It had increased government spending, regulation, and taxation. Some compare it with Reaganomics, saying it’s the complete opposite of Obamanomics. They are the economic policies of former President Ronald Reagan.
