Obama won the election in 2008 promising hope and unity, but after eight years Obama's greatest legacy will likely be one of maintaining political and economic stability, and this stability may seem far more tranquil in the tumultuous years to come.
Arguably Obama inherited a country starting at the abyss at the end of 2008, and his immediate task was to stabilize the crisis. But Obama's strategic mistake may have been to take the mantra of stability a bit too far. He had a golden chance to push against inequality -- the taxpayer had bailed out the financial system and the asset owners were on the ropes. Obama administration failed to capitalize on the opportunity to fix the tax code and muscle in a new course for the middle class. Instead, Obama chose to play it safe, pursuing similar asset-bubble policies that caused the previous bubble (low rates, increased leverage), all in the name of not risking the 'recovery'. The recovery has now arrived, and the stock market has boomed but almost all of the gains have been captured by very wealthy elite. Stock market is perhaps no longer a good indicator of the state of the economy given the narrowing public participation in stock markets. The great majority of people gained little from this recovery and they may be wondering if this is recovery, how bad could a downturn look like?
In social issues, Obama has done little to change the pre-existing trends. Shootings have continued, race relations have gotten rockier and immigration has remained a thorny issue. Obama's reluctance to stand up and fight has meant that these issues were never addressed head-on. The tearing of social fabric in America is an unfortunate consequence of Obama's policies that will weaken United States on many levels. A strong and cohesive society is a prerequisite for a strong nation.
On foreign issues too, Russian takeover of Crimea, Syrian war or even the Israeli-Palestinian issues, Obama has kept himself limited to eloquent speeches and backed off completely whenever the other side pushed back. In South China sea, US went silent when China asserted control over a few uninhabited reefs. It is no surprise that US allies are nervous, reassessing the value of being a US ally.
Obama, as the first black president and a Washington outsider, did not have the political clout to back him No doubt, he has been repeatedly stymied on even mundane matters like extending the debt ceiling. But above it all, Obama's personality has been shaped by years in Ivy League and when confronted he prefers lecturing rather than ganging up or slugging. Obama's cool and principled approach towards conflict has only emboldened his no-holds-barred opponents. Trump has often called him a 'disaster' and 'the worst president ever'. A large section of US has loathed Obama from the very beginning and perhaps Obama's style only acknowledges his limits of his own power.
Obama's stability has come at the cost of deferring problems and This stability is precarious to say the least and the next President will likely not have the luxury, nor inclination to keep the pot of troubles simmering for much longer. The world, by now used to 'preserving the status quo' politics will have to deal with shocks associated with addressing issues. This may make the world yearn of the Obama's golden years.
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