To my fellow Americans
President Obama’s letter to the American people on the progress we’ve made together
1/9/2017, 6:47 a.m.
Editor’s note: As we look back on the past eight years, President Barack Obama writes an Exit Memo on the progress made, his vision for the country’s future, and the work that remains in order to achieve that vision. Read President Obama’s cover letter to the American people:
To my fellow Americans,
Eight years ago, America faced a moment of peril unlike any we’d seen in decades.
A spiraling financial crisis threatened to plunge an economy in recession into a deep depression. The very heartbeat of American manufacturing — the American auto industry — was on the brink of collapse. In some communities, nearly one in five Americans were out of work. Nearly 180,000 American troops were serving in harm’s way in Iraq and Afghanistan, and the mastermind of the worst terror attack on American soil remained at large. And on challenges from health care to climate change, we’d been kicking the can down the road for way too long.
But in the depths of that winter, on January 20, 2009, I stood before you and swore a sacred oath. I told you that day that the challenges we faced would not be met easily or in a short span of time — but they would be met. And after eight busy years, we’ve met them — because of you.
Eight years later, an economy that was shrinking at more than eight percent is now growing at more than three percent. Businesses that were bleeding jobs unleashed the longest streak of job creation on record. The auto industry has roared its way back, saving one million jobs across the country and fueling a manufacturing sector that, after a decade of decline, has added new jobs for the first time since the 1990s. And wages have grown faster over the past few years than at any time in the past forty.
Today, thanks to the Affordable Care Act, another 20 million American adults know the financial security and peace of mind that comes with health insurance. Another three million children have gained health insurance. For the first time ever, more than ninety percent of Americans are insured — the highest rate ever. We’ve seen the slowest growth in the price of health care in fifty years, along with improvements in patient safety that have prevented an estimated 87,000 deaths. Every American with insurance is covered by the strongest set of consumer protections in history — a true Patients’ Bill of Rights — and free from the fear that illness or accident will derail your dreams, because America is now a place where discrimination against preexisting conditions is a relic of the past. And the new health insurance marketplace means that if you lose your job, change your job, or start that new business, you’ll finally be able to purchase quality, affordable care and the security and peace of mind that comes with it — and that’s one reason why entrepreneurship is growing for the second straight year.
Our dependence on foreign oil has been cut by more than half, and our production of renewable energy has more than doubled. In many places across the country, clean energy from the wind is now cheaper than dirtier sources of energy, and solar now employs more Americans than coal mining in jobs that pay better than average and can’t be outsourced. We also enacted the most sweeping reforms since the Great Depression to protect consumers and prevent a crisis on Wall Street from punishing Main Street ever again. These actions didn’t stifle growth, as critics predicted. Instead, the stock market has nearly tripled. Since I signed Obamacare into law, America’s businesses have added more than 15 million new jobs. And the economy is undoubtedly more durable than it was in the days when we relied on oil from unstable nations and banks took risky bets with your money.