State of the Union By: Roland SalmiMBA 2015.01.21

Obama has two years left as President before his term is over.  On the night of January 20, 2015, Obama delivered the State of the Union address to the nation.  Obama covered many statistics of his time in office and in what direction he thinks the nation is going.  He also called for an end of the gridlock that our government continually runs into during their political sessions.  However Obama pleads with the audience to make changes sooner than later.

In case you didn’t watch the State of the Union address I wanted to cover some of the highlights:

  •  American businesses have added 11.2million private sector jobs in the past 58 months.
  • Unemployment has fallen to 5.6% in 2014 from a high of 10% of his Presidency.
  •  High-school dropout rate dropped from 8% in 2008 to 6.6% in 2012, mainly driven by improvements among African-Americans and Hispanics.
  • Six years ago there were 180,000 troops in Iraq and Afghanistan; today less than 15,000 are left.
  • The U.S. Department of Veteran Affairs has reduced the backlog of veterans waiting for health benefits by 60%.
  • The U.S. is less dependent on foreign oil than ever before.
  • The U.S. is the top wind power generating country in the world.
  • The U.S. is generating more than 10 times the solar electricity than we did in 2008. 
  • The U.S. deficit has been reduced from 9.8% of our economy to below 5%.
  • The Consumer Financial Protection Bureau (CFPB) accomplishments:
    • They put $4.8Billion in the pockets of 15 million wronged consumers.
    • Established mortgage rules to protect consumers at every step.
    • Prevented abuse in credit cards, debt collection and student loan servicing markets.
  • They put $4.8Billion in the pockets of 15 million wronged consumers.
  • Established mortgage rules to protect consumers at every step.
  • Prevented abuse in credit cards, debt collection and student loan servicing markets.

Goals that were highlighted by the President:

  • Providing universal child care that is more available and affordable to middle and lower class.
  • Providing free community college.
  • Raise the minimum wage.
  • Provide seven days paid sick time and paid maternity/paternity leave.
  • Increase the child care tax credit to $3000.
  • Repair U.S. aging Infrastructure.
  • Enact new trade agreements that would include the highest labor and environmental standards.

With a Republican dominated Congress much of this will not get done.   However some say Hilary Clinton is “running for Obama’s third term”. President Obama’s original commitment to an economy that generates rising incomes and a chance for everyone who makes the effort seems to be a mainstream theme at this point.  An approach that 2016 presidential hopefuls, Democrat Hillary Clinton and Republican Mitt Romney, are both talking about how to help those left behind.

Roland C. Salmi

Roland is an Associate Analyst at Westminster Consulting, where he executes performance analysis, client projects and investment support for senior consultants. Roland brings research knowledge, industry trends, and a commitment to client success to the Westminster team.

Prior to joining Westminster...

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