President Obama’s Legacy in Europe: A Mixed Bag

A bubble burst, consumers cut spending, and investment plummeted. Unemployment soared to astronomical levels, banks failed, and U.S. GDP declined. Europe and the rest of the world were hit by the spillover from America’s economic woes. This is the world former U.S. President Herbert Hoover had to navigate in 1929, just after he took office during the onset of the Great Depression. President Barack Obama inherited a similar world – although not quite as severe – when he moved into the White House in 2009.

Rough Beginning: The 2008 Financial Crisis

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