The Congressional Budget Office (CBO) and a broad range of economists credit Obama's stimulus plan for economic growth. The CBO released a report stating that the stimulus bill increased employment by 1–2.1 million, while conceding that "It is impossible to determine how many of the reported jobs would have existed in the absence of the stimulus package." Although an April 2010, survey of members of the National Association for Business Economics showed an increase in job creation (over a similar January survey) for the first time in two years, 73% of 68 respondents believed the stimulus bill has had no impact on employment. The economy of the United States has grown faster than the other original NATO members by a wider margin under President Obama than it has anytime since the end of World War II. The Organisation for Economic Co-operation and Development credits the much faster growth in the United States to the stimulus plan of the US and the austerity measures in the European Union.
John McCain was nominated as the Republican candidate, and he selected Sarah Palin as his running mate. The two candidates engaged in three presidential debates in September and October 2008. On November 4, Obama won the presidency with 365 electoral votes to 173 received by McCain. Obama won 52.9% of the popular vote to McCain's 45.7%. He became the first African American to be elected president. Obama delivered his victory speech before hundreds of thousands of supporters in Chicago's Grant Park.
More InfoPresident Obama's 2011 State of the Union Address focused on themes of education and innovation, stressing the importance of innovation economics to make the United States more competitive globally. He spoke of a five-year freeze in domestic spending, eliminating tax breaks for oil companies and reversing tax cuts for the wealthiest Americans, banning congressional earmarks, and reducing healthcare costs. He promised the United States would have one million electric vehicles on the road by 2015 and be 80% reliant on "clean" electricity.
More InfoAs it did throughout 2008, the unemployment rate rose in 2009, reaching a peak in October at 10.0% and averaging 10.0% in the fourth quarter. Following a decrease to 9.7% in the first quarter of 2010, the unemployment rate fell to 9.6% in the second quarter, where it remained for the rest of the year. Between February and December 2010, employment rose by 0.8%, which was less than the average of 1.9% experienced during comparable periods in the past four employment recoveries. By November 2012, the unemployment rate fell to 7.7%, decreasing to 6.7% in the last month of 2013. During 2014, the unemployment rate continued to decline, falling to 6.3% in the first quarter. GDP growth returned in the third quarter of 2009, expanding at a rate of 1.6%, followed by a 5.0% increase in the fourth quarter. Growth continued in 2010, posting an increase of 3.7% in the first quarter, with lesser gains throughout the rest of the year. In July 2010, the Federal Reserve noted that economic activity continued to increase, but its pace had slowed, and chairman Ben Bernanke said the economic outlook was "unusually uncertain." Overall, the economy expanded at a rate of 2.9% in 2010.
More InfoIn December 2006, President Bush signed into law the Democratic Republic of the Congo Relief, Security, and Democracy Promotion Act, marking the first federal legislation to be enacted with Obama as its primary sponsor. In January 2007, Obama and Senator Feingold introduced a corporate jet provision to the Honest Leadership and Open Government Act, which was signed into law in September 2007. Obama also introduced two unsuccessful bills: the Deceptive Practices and Voter Intimidation Prevention Act to criminalize deceptive practices in federal elections, and the Iraq War De-Escalation Act of 2007.
More InfoDespite being offered a full scholarship to Northwestern University School of Law, Obama enrolled at Harvard Law School in the fall of 1988, living in nearby Somerville, Massachusetts. He was selected as an editor of the Harvard Law Review at the end of his first year, president of the journal in his second year, and research assistant to the constitutional scholar Laurence Tribe while at Harvard for two years. During his summers, he returned to Chicago, where he worked as a summer associate at the law firms of Sidley Austin in 1989 and Hopkins & Sutter in 1990. After graduating with a JD degree magna cum laude from Harvard in 1991, he returned to Chicago. Obama's election as the first black president of the Harvard Law Review gained national media attention and led to a publishing contract and advance for a book about race relations, which evolved into a personal memoir. The manuscript was published in mid-1995 as Dreams from My Father.
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