It was clear after an up and coming junior Senator from Illinois, Barack Obama, won the Iowa caucus a year ago that the heavily favored Hillary Clinton had a fight on her hands for the Democratic nomination for the Presidency of the United States.
Obama went on to win the nomination and the election by dusting off an old but familiar phrase that former President Bill Clinton used in his ascent to the Presidency in 1992. “It’s the economy stupid,” began to pop up in The Daily News’ political cartoons last February when it became evident to most economists that America’s financial markets were in trouble, despite the vote of confidence from the White House.
Just last month economists confirmed what Americans had known all along; We were in a recession that began with the 2007 holiday shopping season.
Foreclosure hit new highs as media reports uncovered a scathing amount of fraud and deception within America’s mortgage and home loan industry.
Obama inspired millions of people, including a record number of young voters, with his energy and a promise to bring change to Washington D.C. with speeches he gave with confidence.
But most political pundits agreed that America’s economic woes helped considerably when Obama pled his case to Americans that he was the right one to lead the country out of these dark times.
Just weeks before the election, Congress took the unprecedented move of approving more than $700 billion of taxpayer money to help bail out the banks and insurance companies that had a heavy hand in the financial meltdown.
Recent reports show that $1.6 billion has already gone to bonuses for company executives. With only about $200 billion of the approved money already spent, American’s are wondering what will happen next.