Progress
Guiding Principles
President Obama’s central focus is on stimulating economic recovery and helping America emerge a stronger and more prosperous nation. The current economic crisis is the result of many years of irresponsibility, both in government and in the private sector. As we look toward the future, we must confront the many dimensions of this crisis while laying the foundation for a new era of responsibility and transparency.
Creating Jobs
President Obama’s first priority in confronting the economic crisis is to put Americans back to work. The American Recovery and Reinvestment Plan signed by the President will spur job creation while making long-term investments in health care, education, energy, and infrastructure. Among other objectives, the recovery plan will increase production of alternative energy, modernize and weatherize buildings and homes, expand broadband technology across the country, and computerize the health care system. The recovery plan will save or create about 3.5 million jobs while investing in priorities that create sustainable economic growth for the future.
Keeping Americans in Their Homes
Millions of hard-working, responsible families are at risk of losing their homes as home prices fall and jobs are threatened. The Making Home Affordable Refinancing program will expand access to refinancing for up to 4 to 5 million families who are current on their mortgages but otherwise unable to refinance because their homes have lost value. The Making Home Affordable Modification program has a $75 billion commitment to support loan modifications so that up to 3 to 4 million borrowers at risk of foreclosure can keep their homes. President Obama’s programs to prevent foreclosures will help bolster home prices and will provide direct support to up to 9 million homeowners to refinance for lower payments or have their mortgages modified to prevent foreclosure. President Obama also launched MakingHomeAffordable.gov, where borrowers can learn basic facts about mortgages, homeownership, and resources available.
Bringing Stability to Financial Markets
This crisis has taught us the real impact that financial markets and institutions can have on working families. President Obama has worked to get credit flowing again so that small businesses can rebuild and hire workers and families can afford to send their children to college. At the same time, the President has demanded accountability and transparency both on Wall Street and in Washington, taking steps to ensure that banks use taxpayer assistance to support lending and create sustainable economic growth. For the long term, the President will create a new regulatory framework that holds market players responsible for their actions and stops fraudulent practices before they take hold.
