President Barack Obama has made a lot of promises since first taking office in 2008, from proposing steps to help improve the environment to attempts at strengthening the middle class through government intervention in the housing markets. While the unemployment rate continues to drop steadily and housing costs are returning to pre-Recession levels slowly but surely, it's undeniable that many of the ventures the president promised supporters he would spearhead have either been roundly unsuccessful or simply not undertaken.
Now that he is comfortably in the midst of his second term of office, the president is trying yet again to refocus his economic policies towards helping the middle class grow. As an act that can only be perceived as damage control for the embattled Obama, who has dealt with a slew of scandals involving his administration over the past several months, he is embarking on a multi-city tour to improve his approval rating and introduce new potential legislation.
On Tuesday, August 6, Obama stopped by Phoenix, Arizona, and gave a speech that called for the shuttering of Fannie Mae and Freddie Mac – the nation's two largest mortgage securers who were brought under government control when the housing bubble burst back in 2008. Although the government invested millions into each of these companies to make sure that the nation's homeowners weren't dealt any major blows at the collapse of these loan backers, the president explained that by phasing out these now government-supported entities will help private loan companies and homeowners in the long run.
With a less-than-perfect track record, President Obama's reputation is riding on the success of future endeavors such as the one proposed Tuesday, though whether these actions will help the national economy ramp up remains to be seen. That's why investors need to be sure they have asset protection from a trusted wealth management company such as Great Wealth Strategies should the country fall back into recession.