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Marking the 1st Anniversary of President Obama's Inauguration : Evaluation and Prospect

Marking the 1st Anniversary of President Obama's Inauguration : Evaluation and Prospect

Marking the 1st Anniversary of President Obama's Inauguration : Evaluation and Prospect

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Marking the 1st Anniversary of President 
Obama’s Inauguration: Evaluation and Prospect
KIM, Hyun-Wook
Professor
Dept. of American Studies
One year has already passed since 
Barack Obama was sworn in as the 
president of the United States in 
January 2009. Despite mounting 
attention and expectations, the 
Obama administration was faced with 
many dilemmas, and the most serious 
in nature amongst all was U.S. recovery from financial 
crisis. As of now, after the launch of the massive 
government-led fiscal injection, the rate went from 
minus 6.4% growth in the first quarter to positive growth 
as it enters the third quarter, and now it is showing the 
signs of recovery by maintaining the 2% level growth. 
However, as the unemployment rate hits 10%, the U.S .is 
currently experiencing continuing reduction in jobs. The 
general assessment is that the U.S. government was 
successful in rescuing the U.S. economy from the crisis 
by using government intervention in timely and rapid 
manner, but the recovery has not reached the stable stage 
where Americans will be allowed to feel the economic 
recovery themselves. Two major problems can be 
identified in the Obama administration’s economic 
policy. First problem is related to the questions of 
whether the tax cut policy is foreseeable given 
continuous fiscal deficit in the country, and, if so, how 
long fiscal policy is expected to remain effective. Second, 
with regard to the fairness issue related to bailout, the 
common view is that the bailout of the auto industry 
came with rather strict conditions whereas the nature of 
the bailout put in place in finance sector was far lenient.
Health Insurance Reform Proposals now in process in

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