The hiring of a new company president is an economic event recorded by financial information system

Took steps to help the hardest-hit Americans. Without the Recovery Act’s boost to household incomes, the poverty rate would have risen an additional 1.7 percentage points—which translates into about 5.3 million additional people that would have slipped into poverty in 2010

Helping the Hardest-Hit Americans

• Expanded and extended emergency unemployment benefits ten times, helping a total of 21 million Americans.
• Increased benefits and expanded access to the Supplemental Nutrition Assistance Program (SNAP), formerly known as food stamps lifting more than 500,000 households out of food insecurity.
• Provided additional subsidies so that workers who lost their jobs could continue their health insurance coverage.
• Provided incentives for companies to hire unemployed veterans and disconnected youth.
• Boosted federal Medicaid payments to help states provide health coverage.
• Provided funding to states to support subsidized jobs for 260,000 low-income parents and youth and provided more than $1 billion for youth summer jobs.
• Oversaw 250,000 rural jobs created in 2014 and 2015 combined, and a 3.4 percent increase in rural household incomes from 2014 to 2015.

Provided tax relief that gave the typical American family a tax cut of $3,600 over the first four years of the Administration — helping to restart job growth — and made important tax cuts permanent for working families and families with college students.

Tax Relief for Middle Class and Working Families

• Created the Making Work Pay tax credit for families with incomes of up to $150,000, providing a credit of up to $400 for individuals and $800 for couples as the economy recovered from the depths of the Recession in 2009 and 2010.
• Cut the payroll tax for everyone who pays it, boosting the typical family’s income by about $1,000 in 2011 and 2012 and helping about 160 million workers and their families.
• Expanded the Child Tax Credit for low-wage working families; later made that expansion permanent in the 2015 tax and budget agreement.
• Expanded the Earned-Income Tax Credit (EITC) for working families with more than two children and reduced EITC marriage penalties; later made those expansions permanent in the 2015 tax and budget agreement.
• Created the American Opportunity Tax Credit (AOTC), an up to $2,500 per-year tax credit (up to $10,000 over four years) to help students and their families pay for college; later made the AOTC permanent in the 2015 tax and budget agreement.

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Secured substantial reforms to improve education for all Americans — from catalyzing reforms of K-12 education to investing in community colleges to making it easier for students to afford higher education

A Down Payment on Education

• Catalyzed significant state education reforms to adopt higher academic standards to prepare students for college and careers, which 49 states and the District of Columbia have done; invested in great teachers and leaders; and turned around low-performing schools through $4 billion in Race to the Top competition. Following these reforms, the high school graduation rate reached its highest level ever recorded, dropout rates fell sharply for low-income and minority students, and since 2008, college enrollment for African-Americans and Hispanics has increased by more than one million students.
• Increased maximum Pell Grant awards by $500 in the Recovery Act; later increased the maximum by more than $1,000 above the 2008 level, helping millions of students afford college.
• Supported continuing education for American workers by increasing available funding for incumbent workers and working with companies to upskill thousands of workers.
• Provided federal funding to prevent hundreds of thousands of teacher and first responder job losses.

Invested in building the economy of the future, from physical and technological infrastructure — including roads, bridges, and broadband — to scientific research to the largest investment in clean energy in history

Critical Investments in the Future

• Invested over $5 billion to lay and upgrade over 114,500 miles of fiber-optic cable, connecting community anchors around the nation to fast broadband Internet.
• Provided billions of dollars in the Recovery Act to improve nearly 42,000 miles of road, repair or replace more than 2,700 bridges, help transit agencies purchase more than 12,220 transit vehicles, upgrade or construct more than 6,000 miles of better performing rail, and increase safety and convenience with more than 360 airport and runway projects.
• Created the Transportation Investment Generating Economic Recovery (TIGER) program, which has invested billions of dollars in high-impact transportation projects around the country.
• Funded investments in smart grid technology, renewable energy, and energy efficiency programs.
• Created Build America Bonds, a new financing vehicle that supported $181 billion of public capital investments such as schools, bridges, and hospitals, and saved states $20 billion in borrowing costs, as well as Recovery Zone Bonds for hard-hit cities.
• USDA convened private and philanthropic partners to create a new U.S. Rural Infrastructure Opportunity Fund, with commitments of $10 billion of private funds to finance rural infrastructure projects. Read more about the Rural Infrastructure Investment Fund.

Made it easier for responsible homeowners to stay in their homes — avoiding foreclosures that would have hurt them and the economy and helping underwater homeowners refinance. In all, more than 10 million mortgage modification and other forms of mortgage assistance were completed to help mitigate the foreclosure crisis

Helped Families Stay in Their Homes

• Established a loan modification program to help more than 1.5 million homeowners lower their mortgages and avoid foreclosure, with more than 4.5 million more homeowners receiving private modifications that built on the framework provided by the government model.
• Helped underwater homeowners avoid foreclosure through programs that allow them to sell their home or reduce payments on—or extinguish—their second lien.
• Provided a delayed payment plan of up to 12 months for unemployed homeowners.
• Launched an Office of Housing Counseling and worked with HUD-approved housing counselors to assist millions of families in making smart and informed financial decisions, including by providing housing counseling for unemployed homeowners at job training centers.

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Established orderly liquidation authority to prevent serious harm to the entire economy and to protect taxpayers from bearing the losses of private firms by giving regulators the tools to safely wind down large, complex financial institutions that fail

Meet the Law That’s Been Quietly Protecting You and Strengthening Our Economy for the Past 6 Years

"When large, complex, or interconnected firms (like Lehman Brothers) failed during the crisis, the regulators didn’t have the tools they needed to wind them down safely, without bringing down our entire financial system. That left us with a pretty awful choice: Let our system collapse and risk another Great Depression (which nearly happened after Lehman failed), or have taxpayers step in to clean up the mess? Wall Street reform fixed that. Today, regulators have something called “orderly liquidation authority,” which is a fancy way of saying that if a big Wall Street firm implodes again, taxpayers aren’t on the hook — investors in the firm and the financial industry pick up the tab. By law, no firm is too big to fail."

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Launched Manufacturing USA, already up to thirteen manufacturing hubs that bring together industry, academia and government partners to bridge the gap between applied research and product development, leading the way to new advanced manufacturing capabilities

Manufacturing USA invests in U.S. leadership in emerging manufacturing technologies critical to our future competitiveness. Each manufacturing hub is designed to build U.S. leadership and regional excellence in critical emerging manufacturing technologies by bridging the gap between early research and product development; bringing together companies, universities, and other academic and training institutions, and federal agencies to co-invest in key technology areas that can encourage investment and production in the United States; and serving as a ‘teaching factory’ for workers, small businesses, and entrepreneurs looking to develop new skills or prototype new products and processes.

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Made permanent important expansions to tax credits for working and middle-class families in the 2015 tax agreement that were first enacted in the 2009 Recovery Act, providing a tax cut averaging about $1,000 to roughly 24 million families each year

​The Budget Agreement Permanently Expands Important Tax Credits for Working Families

• Expansions of the Earned Income Tax Credit and Child Tax Credit provide an average tax cut of about $900 for roughly 16 million working families a year. This can have a major impact: If a single mother of two works full-time all year for the federal minimum wage — earning $14,500 a year — she receives an additional Child Tax Credit of $1,725 each year as a result of the expansion. She would not receive any CTC if the provision expired.
• The American Opportunity Tax Credit provides a maximum credit of $2,500 per year for the first four years of college — up to $10,000 per student – to help students and their families afford college.

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Ensured the wealthy pay more of their fair share, including by reversing the costly “Bush tax cuts” for those with the highest incomes -- which will reduce deficits by more than $800 billion over the next ten years

As part of the President’s balanced approach to deficit reduction, he fought to reverse tax cuts for the highest-income Americans – pushing back on inequities in our tax code that leave some wealthy families paying a lower rate than many working families. The Bush tax cuts enacted in 2001 and 2003 cut the top tax rates for high-income Americans. The American Taxpayer Relief Act the President signed into law reversed these costly tax cuts, including by:

• Restoring the top income tax rate from 35% to its Clinton-era level of 39.6%
• Increasing the top tax rate on investment income from 15% to 20% (23.8% including increases enacted in the Affordable Care Act)
• Restoring limits on deductions for high-income taxpayers

After these changes became effective in 2013, effective tax rates increased sharply for the highest-income Americans, reversing a decade-long trend of tax cuts for the highest-income Americans. Altogether, reversing the high-income Bush tax cuts will reduce the deficit by more than $800 billion over the next decade. Overall, relative to the tax code in place before the Administration, in 2017:

• The top 1 percent of families – who on average earn $1.6 million a year – will pay effective tax rates about 5 percentage points higher than they would have under the pre-Obama tax code, meaning they are contributing over $80,000 more in taxes on average.
• The top 1 percent of families – who on average earn $1.6 million a year – will pay effective tax rates about 5 percentage points higher than they would have under the pre-Obama tax code, meaning they are contributing over $80,000 more in taxes on average.

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Expanded the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC) for low-wage working families and made those expansions permanent. Together, the CTC and EITC improvements reduce the extent or severity of poverty for more than 16 million people — including about 8 million children — each year.

The CTC and EITC expansions provide an average tax cut of about $900 for roughly 16 million working families a year. If a single mother of two works full-time all year for the federal minimum wage – earning $14,500 a year – she receives an additional CTC of $1,725 each year as a result of the expansion. She would not receive any CTC without this provision. The tax cut expansions increase the EITC for families with more than two children, a group with disproportionately high poverty rates, and reduce the EITC’s “marriage penalty,” making married couples eligible for the EITC at higher levels of combined income. The benefits of these changes are widespread: according to the Center on Budget and Policy Priorities, among the 16 million families who benefit from CTC and EITC expansions are:

• About 5 million Latino working families
• About 2 million African American working families
About 1 million veteran and military families
• About 2.6 million rural families
• And more than 6 million millennial workers

Led the way on paid sick and family leave, promoting state and local action and signing an Executive Order requiring federal contractors to offer 7 paid sick days to workers. Since taking office, the number of private sector workers with paid sick leave has grown by 10.6 million and with paid family leave by 6.2 million.

Paid Sick and Family Leave

• Funded research to support the development or implementation of state paid leave programs.
• Signed an Executive Order requiring federal contractors to provide up to 7 paid sick days to employees working on federal contracts, and called on Congress to pass legislation providing the same paid leave to most Americans.
• Signed a Presidential Memorandum directing agencies to advance up to six weeks of paid sick leave for parents with a new child and called on Congress to pass legislation giving federal employees an additional six weeks of paid parental leave.

FACT SHEET: Helping Working Americans Get Ahead by Expanding Paid Sick Leave and Fighting for Equal Pay:

Is the hiring of a new company president is an economic event recorded by the financial information system?

Are the business economic events recorded by the accountant?

Which of the following events is not recorded by accountants?

What involves the identification and recording of economic events?