He came into office facing a huge financial downturn mainly caused by the old build up of housing prices to one of the biggest bubbles we have ever made and then of course the eye popping bust of that market bringing with it the destruction of the derivative packages they had rolled out of the mortgages created during the bubble. After some feeble attempts to get things going again with a package rammed through a reluctant congress he bought a little bump up in the economy..Hidden the great fanfare of saving the auto companies was the little known fact that all new hires by them were brought in at half pay and of course their benefit package was downgraded.
In the meantime the downturn was used by corporations to declare bankruptcies or merge with other companies which of course enabled them to reduce wages and benefits across the board.. Lots of pension funds were simply stolen and the IRA's touted as the pension plan of the future... Problem being that they will not fill the bill anywhere near to a defined benefit plan..
At the same time the shipping of factories and jobs overseas destroyed up to 8 million jobs here... Still going on today the movement of jobs overseas or at best bringing in foreign workers to fill jobs here for less money of course.. under the pretense that there was a shortage of qualified workers here..
Of course in financial times such as we are going through now with current business thinking , they are sitting around with tons of money with nothing to do so of course they start buying up one another.. Their funds being helped along by the FED pumping in 90 billion of free money into the economy which the bad guys are using to pump the stock market to new highs... (yep just another bubble about to burst). All these merger an acquisitions of course destroy jobs and pensions..
A concerted campaign to convince the public that government employees of all stripes are overpaid and overcompensated has become the theme song of the right particularly and I am sad to say being joined by democrats including the president .
Our first real taste of an Austerity program is being felt right now and of course the most needy are the first being hit... and oh golly gee the military is going to take a hit of pimple size..and they will make it hurt as much as they can...
The following links will give you an idea what is happening if you already didn't know. LINK 1, LINK 2.
Don't freak out when you go to the above links, they are on a Markist type site but daily they publish stories you need to see... You won't turn into a dirty Markist by reading the site , but it might not be a bad idea to think about what they are saying..
While were thinking Markist check out Richard Wolff, while your at it you might take a look at our hated commie Hugo Chavez accomplished during his time in the saddle (rest in peace Hugo)