Kirichenko Elina
Barak Obama`s second term economic priorities / Kirichenko Elina
Publication Type:

 Despite the fact that the state of US economy after the crisis of 2007–2009 was considerably better than that in other countries, the period of revival has not happened at an anticipated pace. By the second decade of XXI century the United States has acquired huge budget deficit and national debt. The country has also faced a range of national social problems. The USA has to deal with these problems and at the same time to search for the ways to boost the economic growth and lower the unemployment. The estimation of the Obama’s administration efforts to find new ways of economic growth is the specific topic of the article. It is mentioned that the Obama`s Administration program for social, economic and financial stabilization was developed not only to safe and create new jobs and stimulate the demand, but also to broaden the investment opportunities in key sectors of the XXI century, which will help to make America`s economy more effective in the long run. It is analyzed in the article due to which factors the pre-election slogan of “reindustrialization” is partially put into effect. American government and business are searching for ≪points of growth≫. Which of them needs serious federal support according to the Obama’s Administration opinion, is investigated in the article. The chief concern of the author in the article is to analyze the economic trends of Obama’s second Administration domestic policy (their succession and new approaches). The issues of budget deficit and national debt are of key priority. One of the conceptual frameworks of Obama’s social policy is a desire to lower the federal budget deficit by increasing the taxes for the wealth. To pass the all-encompassing “immigration law” is a priority for Obama during his second term. Immigration has always been an essential source for US economic development. At the same time, however it causes problems and risks, which American “melting pot” cannot cope with as successfully as in the past. The issue of illegal immigrants has become a major problem. Political and economic objectives for immigration legislation revision have been regarded in the article. The need for the education reform is driven by the fact that the US competitiveness in the area is at risk. In his second term the President particularly emphasizes the need to raise the level of preschool education, improve the system of school education and make high education available for all. Energy efficiency and raise of effectiveness in the development of non-conventional energy production as well as hydrocarbon crude dependence reduction are still the priority of Obama’s second term. Meanwhile he has paid more attention to further development of domestic oil and gas production, especially from shale gas sources. After having been elected for his second term, Obama in his State of the Union Address, February 12, 2013, again made the problem of global climate change the priority. On July 2010 Obama managed to pass Dodd- Frank Wall Street Reform and Consumer Protection Act in Congress. Positive results of the reform and factors which impede its realization are illustrated in the article. Health-care reform realization remains one of the most important issues of Obama’s administration policy. The realization of the priorities will mainly depend on economic environment. However, the US decision-making process can become an obstacle for Obama’s economic policy.


Keywords: priorities of economic policy | innovation | re-industrialization |

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