History Buff's Guide to the Presidents by Thomas R. Flagel Page B
Authors: Thomas R. Flagel
Tags: United States, Historical, History, Reference, Politics & Social Sciences, Biographies & Memoirs, History & Theory, Political Science, Leaders & Notable People, federal government, Presidents & Heads of State, Executive Branch, Historical Study & Educational Resources, Politics & Government, Americas, Historical Study, U.S. Presidents, Encyclopedias & Subject Guides
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$700 billion in credit and asset purchases to major lenders. Morgan Stanley, a financial services corporation, received $10 billion, J.P. Morgan Chase received $25 billion, Wells Fargo $25 billion, Bank of America $35 billion, and Citigroup $45 billion. AIG allowed the Treasury to purchase $40 billion more of its troubled stock, plus $30 billion in guaranteed loans. 126
Weeks after Obama’s entry into office, another $780 billion in offerings appeared through the American Recover and Reinvestment Act, a third of which involved tax breaks, plus an eventual commitment to AIG that neared $200 billion. The prevailing philosophy “too big to fail” was also applied to the auto industry. General Motors and Chrysler, two out of the three remaining American car manufacturers, were declaring impending bankruptcy. In response, the Bush and Obama administrations pledged $55 billion to their assistance. 127
Altogether, the loans, tax breaks, stock purchases, mortgage assistance, and other stimuli from the Bush and Obama presidencies totaled some three to four trillion dollars in government help by the end of 2009. 128
Taken altogether, the Bush and Obama bailouts were more than the entire yearly Gross Domestic Product of Canada, the 15th largest economy in the world.
6 . BOTH OVERSAW RECORD INCREASES IN FOOD STAMPS
In a failed bid for the 2012 Republican presidential nomination, former Speaker of the House Newt Gingrich assailed President Obama as the “Food Stamp President,” claiming “more people have been put on food stamps by Barack Obama than any president in American history.” In reality, by the end of the twentieth century, the two main parties had settled their long-winded debate over “guns or butter.” Democrats and Republicans were committed to providing both. 129
Congress passed the Food Stamp Act during LBJ’s Great Society experiment. By Johnson’s last full year in office, over 3.6 million Americans were taking part. But the largest enrollment surge occurred during the Nixon and Ford administrations. A fragile economy and national implementation boosted participation to nearly 20 million by 1975, a rise of more than 450 percent. One of the major proponents was Nixon himself, who in late 1971 hosted the first-ever White House Conference on Food, Nutrition, and Health and vowed to “put an end to hunger in America.” 130
During the George W. Bush years, a natural rise of population and bouts of economic downturn added more than 14 million Americans to food stamp rolls. In addition, the program transferred over to a debit card format during his first term, reducing the stigma of stamps and increasing convenience. During Bush’s last year in office, the entire initiative was redubbed the Supplemental Nutrition Assistance Program (SNAP), complete with an expansion of benefits. 131
When President Lyndon Johnson established the Food Stamp program in 1964, only 13 percent of U.S. adults were obese. When the program neared its fiftieth anniversary, the national obesity rate stood at 36 percent.
The White House
The continuing recession lasted well into Obama’s administration, and by 2012 an additional 14 million citizens drew on their eligibility. By that point, over 46 million Americans, one in seven, were on SNAP, at a cost of $80 billion per year. Yet both Bush and Obama had marginal influence. During both of their tenures, most of the administration and determination of SNAP eligibility was conducted at the state level. 132
In 2012, the number of Americans receiving food stamps was roughly equal to the entire combined populations of Texas and New York state.
7 . BOTH INCREASED THE DEFENSE BUDGET TO RECORD LEVELS
Traditionally, Republicans label Democrats as soft on defense. Yet in terms of dollars spent, first-, second-, third-, and fourth-highest yearly Pentagon budgets occurred during the Barack Obama presidency. The next eight highest transpired during George W. Bush’s administration. Bush’s
Weeks after Obama’s entry into office, another $780 billion in offerings appeared through the American Recover and Reinvestment Act, a third of which involved tax breaks, plus an eventual commitment to AIG that neared $200 billion. The prevailing philosophy “too big to fail” was also applied to the auto industry. General Motors and Chrysler, two out of the three remaining American car manufacturers, were declaring impending bankruptcy. In response, the Bush and Obama administrations pledged $55 billion to their assistance. 127
Altogether, the loans, tax breaks, stock purchases, mortgage assistance, and other stimuli from the Bush and Obama presidencies totaled some three to four trillion dollars in government help by the end of 2009. 128
Taken altogether, the Bush and Obama bailouts were more than the entire yearly Gross Domestic Product of Canada, the 15th largest economy in the world.
6 . BOTH OVERSAW RECORD INCREASES IN FOOD STAMPS
In a failed bid for the 2012 Republican presidential nomination, former Speaker of the House Newt Gingrich assailed President Obama as the “Food Stamp President,” claiming “more people have been put on food stamps by Barack Obama than any president in American history.” In reality, by the end of the twentieth century, the two main parties had settled their long-winded debate over “guns or butter.” Democrats and Republicans were committed to providing both. 129
Congress passed the Food Stamp Act during LBJ’s Great Society experiment. By Johnson’s last full year in office, over 3.6 million Americans were taking part. But the largest enrollment surge occurred during the Nixon and Ford administrations. A fragile economy and national implementation boosted participation to nearly 20 million by 1975, a rise of more than 450 percent. One of the major proponents was Nixon himself, who in late 1971 hosted the first-ever White House Conference on Food, Nutrition, and Health and vowed to “put an end to hunger in America.” 130
During the George W. Bush years, a natural rise of population and bouts of economic downturn added more than 14 million Americans to food stamp rolls. In addition, the program transferred over to a debit card format during his first term, reducing the stigma of stamps and increasing convenience. During Bush’s last year in office, the entire initiative was redubbed the Supplemental Nutrition Assistance Program (SNAP), complete with an expansion of benefits. 131
When President Lyndon Johnson established the Food Stamp program in 1964, only 13 percent of U.S. adults were obese. When the program neared its fiftieth anniversary, the national obesity rate stood at 36 percent.
The White House
The continuing recession lasted well into Obama’s administration, and by 2012 an additional 14 million citizens drew on their eligibility. By that point, over 46 million Americans, one in seven, were on SNAP, at a cost of $80 billion per year. Yet both Bush and Obama had marginal influence. During both of their tenures, most of the administration and determination of SNAP eligibility was conducted at the state level. 132
In 2012, the number of Americans receiving food stamps was roughly equal to the entire combined populations of Texas and New York state.
7 . BOTH INCREASED THE DEFENSE BUDGET TO RECORD LEVELS
Traditionally, Republicans label Democrats as soft on defense. Yet in terms of dollars spent, first-, second-, third-, and fourth-highest yearly Pentagon budgets occurred during the Barack Obama presidency. The next eight highest transpired during George W. Bush’s administration. Bush’s
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