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On Monday afternoon, President Barack Obama delivered a speech from the Rose Garden to mark the fifth anniversary of the 2008 financial meltdown. Much of it was a warning to the House Republicans who are threatening to throw the country into default if Democrats don’t agree to delay Obamacare. But the president, who shared the stage with a dozen or so Americans who had lost homes and jobs and have since recovered, also took the occasion to run through a highlight reel of the measures the administration took to pull the US out of the financial crisis. And the White House released an accompanying report Sunday touting the progress his administration and Congress had made in reigning in risky gambling by Wall Street and helping struggling homeowners. The president glossed over a few important facts, though.
The administration and Congress have indeed made significant advances in protecting Americans from another crisis. The administration’s report lists some of the most important advances so far. Some $245 billion was injected into floundering banks through the politically unpopular TARP bailout program, and yet more than 100 percent of that has been paid back. The administration forced major banks to raise $80 billion in emergency capital to fall back on in the case of another meltdown. Home prices are on the rise. The big three automakers, which received a controversial taxpayer bailout in 2009, have been profitable since 2011 and are gaining market share for the first time in over 20 years.
At the same time, the president admitted that we still have a long way to go to full recovery, and vowed to “spend every moment of every day I have left fighting to restore security and opportunity for the middle class.” Here are five aspects of the still shaky economic recovery that the administration still has to work on—and that were absent from Obama’s speech: