President Barack Obama on the Economy

President Barack Obama on the Economy

Washington D.C.

Official White House Photo by Pete Souza

“America’s economy is not just better than it was eight years ago—it is the strongest, most durable economy in the world.”

• The nation has experienced 75 consecutive months of overall job growth 

• As of August 2016, unemployment dropped below 5 percent for the first time in eight years and has remained there 

• There have been over 80 consecutive months of private sector job growth 

• In April 2016, new unemployment claims hit their lowest level since Nov. 1973 

• Since unemployment peaked in February 2010, more than 15.6 million non-farm, private sector jobs have been created 

• The federal budget deficit has been reduced by two-thirds 

• Signed the American Jobs and Closing Tax Loopholes Act, which closed many of the loopholes that allowed companies to send jobs overseas 

• During the recession, saved at least 300,000 education jobs, such as teachers, principals, librarians and counselors; also, saved police and firefighter jobs 

• Ordered all federal contractors to pay a minimum wage of $10.10 per hour 

• Through the American Recovery and Reinvestment Act, he cut taxes for 95% of America’s working families 

• The bottom 95% of taxpayers pay lower federal income taxes than at any time in the last 50 years 

• The stock market has reached record highs

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