The presidential campaign of Barack Obama was announced on February 10, 2007 at an event in Springfield, Illinois. After winning the majority of delegates in the Democratic primaries of 2008, Obama's campaign announced that Senator Joe Biden of Delaware would be his Vice Presidential nominee. After this, at the 2008 Democratic National Convention, Barack Obama was formally selected as the Democratic Party nominee for President of the United States. Barack Obama became the first African American in history to be nominated on a major party.
On November 4, 2008, Barack Obama defeated the Republican nominee, Senator John McCain, making him not only the President-elect, but the first African American elected as President of the United States as well. In addition to this, he became the third sitting U.S. Senator, after Warren G. Harding and John F. Kennedy, to be elected. After the vote of the Electoral College and the certification by a Joint Session of the United States Congress, Barack Obama was elected President of the United States and Joe Biden Vice President of the United States on January 8, 2009
Since the beginning of his term, President Obama inherited an economy reeling from the 2008 financial crisis. As a result, the unemployment rate peaked at 10 percent in 2009. However it has declined on an average of .05 percent at a monthly rate ever since his election.
Inflation, under the Obama administration, has increased an average of 1.5 percent per year. This is less than the ideal rate of 2 percent. Also, this is considered to be very low. However, when Obama took the presidency, the economy was going through a negative inflation growth, which indicates a stagnant economy and discourages spending.
During the last full year of Obama’s presidency, many would say the economy had started on solid footing. For example, on average, the economy under the Obama administration has experienced a 2 percent annual GDP growth.
Adding on, the federal debt has grown at an average of 6.2 percent annually under President Obama. The federal debt exceeded the GDP Near the end of 2011, which the Congressional Budget Office believes could have long-term consequences on the economy and policy decisions.
During Obama's presidency, unemployment has dropped from 10.1% in October of 2009 to 4.9% by early 2016. In addition, not only has the unemployment rate dropped greatly, but since the recession ended, the US economy has gained over twelve million new jobs.
On January 11, 2017 Barack Obama gave his farewell address as president of the United States. The delivery was well delivered and all came together in Obama’s final speech to the nation. We now wait to see how the next president of the United States, Donald Trump, will do during his time in the White House.