When Barrack Obama was elected President of the United States in 2008, everyone understood the historic nature of the first black man to be elected to that high office. However, what many did not understand is just how historic his presidency would be for reasons that have nothing at all to with his race. Even people like me, who understood his radical ideology, could not have foreseen the negatively historic nature of Barrack Obama's first term in office.
He made history from the start by orchestrating, along with the unions, a take-over of General Motors. He confiscated the bondholders equity and gave it to the unions, and along with the Government, they've owned it ever since. Vice-President Joe Biden likes to say that the President saved GM, however their share price is almost half of what it was from the initial public offering almost two years ago. The government can not sell its 40 percent stake in GM because of the low share price. The Congressional Budget Office has stated that 35 billion dollars of the GM loan will never be repaid. And, to make matters worse, GM can not hire quality executives because of the salary restrictions placed on the company as a result of the government's part ownership. If you couple that along with the fact that GM is hemorrhaging money on their electric car, which nobody wants to buy and the government is forcing them to build, you have a dire situation for GM.
The President's health care law was another historic milestone in his Presidency, as well as in the country's history. Never before has a major piece of legislation been passed into law with only one party support. In fact, the only bi-partisanship in relation to the health care law, was against it. Some Democrat lawmakers joined Republicans in voting against the government's take-over of the nation's health care system. Obamacare is still the most unpopular law of all time, with close to 70 percent of the population supporting its repeal.
Under President Obama the United States triple A credit rating was downgraded for the first time in history. Along with that historic event is the largest debt in our nation's history, 16 trillion and counting. When Barrack Obama was inaugurated the national debt stood at 10.6 trillion. He has added more debt than any other president, measured in dollars or as a percentage of GDP. In fact, he has added more debt than the first 42 presidents combined. The President and his Senate majority leader, Harry Reid, have refused to pass a budget for the country since he's been President, another historic first.
President Obama has made history on the unemployment front, with the longest period in our nation's history with an unemployment rate above 8 percent, a whopping 43 months. The unprecedented unemployment coupled with twice as many people receiving food stamps as when Barrack Obama took office, makes for a dismal picture for the future. He will be the first President to end his term with fewer people working in the country than when he was inaugurated.
Oh yeah, there is at least one more area where President Obama has made history, the amount of golf played, the number of fundraising events attended and the number of vacations taken. It's unfathomable the amount of damage he could have done the last four years if he had actually worked full-time.