The economic policy of the Barack Obama Administration was characterized by moderate tax increases on higher income Americans designed to fund healthcare reform, reduce the federal budget deficit, and improve income inequality. His first term included measures designed to address the Great Recession and Subprime mortgage crisis, which began in 2007. These included a major stimulus package, banking regulation, and comprehensive healthcare reform. As the economy improved and robust job creation continued during his second term, the Bush tax cuts were allowed to expire for the highest income taxpayers and a spending sequester was implemented, to further reduce the deficit back to typical historical levels. Towards the end of his tenure, the U.S. economy was nearing full employment such that the Federal Reserve began raising interest rates, real household income was nearing its pre-crisis peak, gas prices were very low, and GDP grew at a strong 3.5% in the third quarter of 2016.
A buzzword used to describe the economic philosophies of United States President Barack Obama. While Obamanomics encompasses all of President Obama’s policies and proposals, it is often used to refer primarily to his philosophy that the rich should pay their fair share of taxes, or what his detractors derisively call the “redistribution of wealth". Obamanomics may also include the President’s views on healthcare reform, although this often goes by the separate moniker of “Obamacare". Depending on one’s political persuasion, the term “Obamanomics” can be interpreted in a positive or negative light.
While similar terms have been used to describe the economic policies of past Presidents, “Obamanomics” is arguably the most widely used term to describe a President’s policies since the days of “Reaganomics".