How is the U.S. economy doing nearly four years into President Obama’s presidency? Not so great by some measures.
Despite promises to rein in Wall Street, the Obama administration hasn’t leveled any major criminal prosecutions against financial firms or executives relating to their roles in the financial crisis, too-big-to-fail banks have actually gotten bigger, income inequality has been worse under Obama than it was under George W. Bush, and most of the jobs employers have created during the recovery don’t actually pay very well.
Below are 14 things Obama doesn’t want you to know:
- Prosecution For Financial Fraud Hit A 20-Year Low During The Obama Administration. Despite Obama’s promises to crack down on Wall Street, federal prosecutions of financial fraud hit a 20-year low last year, according to a November study from a watchdog group.The number of these types of prosecutions has been falling every year since 1999 — in other words, there were more prosecutions during every year of George W. Bush’s presidency than during every year of Obama’s.
Obama Wants To Lower The Corporate Tax Rate. Some of America’s most profitable companies used a variety of loopholes to pay less than zero in taxes between 2008 and 2010, according to a November 2011 report from the Center for Tax Justice. But the Obama administration wants to make it even easier for corporations to have a smaller tax bill; Obama proposed a tax overhaul that would cut the corporate tax rate from 35 percent to 28 percent.
Health Care Reform Won’t Make Health Care Cheaper For Most Americans. Once the health care law takes effect, insurance companies will be footing the bill for millions of previously uninsured Americans and for those who were denied coverage for pre-existing conditions. And health insurance companies will likely pass on to consumers the cost of insuring the new patients.
Obama’s Housing Programs Have Largely Been A Failure. In 2009, Obama announced the Home Affordable Mortgage Program, promising to help 3 to 4 million borrowers, but as of January — more than three years into the program — HAMP had only reached 1 million borrowers. In an aim to give the program legs, administration officials changed the rules in January to make more borrowers eligible.
Homeowners Haven’t Seen Much Out Of That Huge Mortgage Deal. The Obama Administration touted the $25 billion mortgage deal it reached with 49 states and the big banks to settle allegations that banks mishandled mortgages. As part of the settlement, banks said they would offer at least $10 billion in loan forgiveness to homeowners. But months after the deal was inked, banks have been slow to hand out the money.
Democrats Have Received More Campaign Cash From Bain Than Republicans. The Democratic National Convention will feature employees of firms run by Bain Capital — the private equity firm where Mitt Romney was formerly CEO — likely in an aim to raise questions about Romney’s tenure at the now-controversial company. But Democratic candidates and committees have actually netted double the amount of campaign cash from Bain workers than their Republican counterparts since 2008, according to the Boston Globe.
Goldman And Other Wall St. Firms Have Largely Escaped Punishment For Their Role In The Financial Crisis. The announcement last month that the Justice Department wouldn’t be prosecuting Goldman Sachs over allegations surrounding the financial crisis was a reminder for many that the Obama Administration has largely let banks off the hook for their role in the meltdown. And regulators and officials may be running out of time; the statute of limitations for crimes related to the financial crisis is fast approaching, according to The New York Times.
Payroll Tax Cut May Expire On Obama’s Watch. Last December, congressional Democrats managed to save the payroll tax cut for one more year, giving 122 million workers a few extra bucks each paycheck, but now that boost may quietly disappear, according to the Wall Street Journal. That’s because the White House won’t be pushing for another payroll tax cut extension this year.
Many Top Obama Donors Are Employees Of Major Corporations. Of the top 10 companies with employees donating money to Obama’s campaign, three are big banks: JPMorgan Chase, Citigroup and Goldman Sachs, according to the Center for Responsive Politics. Some of Obama’s other major contributors include employees from big companies such as Microsoft and Google.
Check out how Democrats are PIMPING YOUR CHILDREN under our Freedom of Speech and Barack Obama has been helping them over the past 4 years. Visit Porn in the Valley, Porn Pimping Politics, Porn News Today and Pornstar Hooker Alert to LEARN HOW!!