Republican Party members have been quite vocal in their criticism of the President’s relationship with Wall Street and the business community. They have said that his policies have ushered in an era of big government that is strangling the economy and the entrepreneurial spirit of the country. The fact is these accusations just aren’t true.
Wall Street stock prices have risen 48% during Obama’s first two years in office. That represents the third largest growth in our nation’s history trailing only FDR and Calvin Coolidge. Wall Street traders are making record sums of money and top DOW corporations publishing record profits.
Obama passed the Banking Reform Act which most economists agree was critical in saving the economy. Banks now have a surplus of cash on hand and have the ability to grant small business loans once again.
Obama bailed out the auto industry which not only saved over three million jobs but enabled one of the few remaining manufacturing industries in our country to avoid extinction.
Obama extended tax cuts for the wealthiest 2% of wage earners. According to Republicans this was a critical step in continuing the country’s economic growth.
Obama met with industry leaders to find out what they needed from their government to enable them to grow their businesses. He was told less regulation. This week the Obama Administration will embark on a review of current government regulations in an effort to eliminate those that would be harmful to domestic corporations.
Obama successfully negotiated a more positive trade agreement with South Korea which will improve the country’s trade relations with that nation.
This week Obama will entertain China’s President Hu Jintao. In a series of meetings with America’s primary competitor he will attempt to persuade China to cease the manipulation their currency in a way that harms US trade.
Republicans should be wary. Should Obama decide to embrace the findings of the Debt Commission he will give Republicans little to run on in 2012.
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