"President Obama’s seven year quest to salvage the U.S. economy from the damage done to it by his predecessor George W. Bush has been an overwhelming success, according to the United States Treasury Department. Obama took over as President at a time when the economy, stock market and banking system had collapsed and were on the verge of throwing the nation into a depression due to Bush’s failed policies. But Obama’s initiatives prevented that from happening, and now the Treasury says he’s fully turned the economy around.
Treasury Secretary Jack Lew has confirmed what economists and those familiar with economic policy have already known: the U.S. economy has been growing at a steady rate for several quarters, private sector job growth is consistently high, the unemployment rate has been reduced all the way down to the five percent level which economists view as ideal, and the stock market has grown tremendously. This all occurred even as President Obama reduced the annual federal deficit by seventy-two percent. But the Secretary says there are still challenges ahead.
Lew points to the inequality between the wealthy and the working class, and business tax loopholes, as areas of concern; Obama has tried to tackle both but has faced republican opposition. But he says Social Security is in far better shape than most Americans believe. The Hill has more from the Treasury Secretary."
Fantastic news for America!
"Secretary Jack Lew said Wednesday.
Seven years ago, the unemployment rate and deficits were higher, but "where we are now, we're seeing steady growth, we've seen enormous job creation over this period of time, we're seeing the unemployment rate around 5 percent, and we're seeing that growth in spite of the fact that there's a lot of headwinds from a slower global economy," he told Fox Business Network
Lew said the U.S. still has challenges, such as income inequality and deficits. But he said the country is in a good position to tackle its domestic and international challenges. One issue the Treasury secretary said he would like to work on business tax reform.
"We have a broken business tax code, and I think that's something that we have recognized for years and proposed tax reform, and Republicans have recognized for years," he said.
"I hope we can sit down and work together in a bipartisan basis to deal with this."
He said the corporate tax code has so many loopholes that the statutory rate is among the highest in the world. As a result, companies are undertaking maneuvers such as "inversions," in which companies move their legal addresses overseas.
Lew stressed that while Treasury has put out guidance to slow the pace of inversions, only legislation can stop them.
Lew said that "people shouldn't panic about Social Security" because it's 75 percent funded under the worst scenarios.
But he added that Social Security was never intended to be people's sole source of retirement income. He encouraged people to look into Treasury's myRA retirement savings program.
Speaker Paul Ryan (R-Wis.) has committed to considering legislation providing relief to Puerto Rico by March 31. Lew called for Puerto Rico's roughly $70 billion of debt to be restructured.
"Puerto Rico needs to sit down, it needs to work with all of the stakeholders to come up with a viable path forward so there can be an economic plan for the future," he said."