In 2004, Obama received national attention during his campaign to represent Illinois in

the United States Senate with his victory in the March Democratic Partyprimary,
his keynote address at the Democratic National Convention in July, and his election to the
Senate in November. He began his presidential campaign in 2007 and, after a close
primary campaign against Hillary Clinton in 2008, he won sufficient delegates in
the Democratic Party primaries to receive the presidential nomination. He then
defeated Republican nominee John McCain in the general election, and was inaugurated
as president on January 20, 2009. Nine months after his inauguration, Obama was named
the 2009 Nobel Peace Prize laureate.

The Great Recessionwhich officially lasted from December 2007 to June 2009began
with the bursting of an 8 trillion dollar housing bubble. The resulting loss of wealth led
to sharp cutbacks in consumer spending. This loss of consumption, combined with the
financial market chaos triggered by the bursting of the bubble, also led to a collapse in
business investment. As consumer spending and business investment dried up, massive
job loss followed. In 2008 and 2009, the U.S. labor market lost 8.4 million jobs, or 6.1%
of all payroll employment. This was the most dramatic employment contraction (by far)
of any recession since the Great Depression. By comparison, in the deep recession that
began in 1981, job loss was 3.1%, or only about half as severe.

The Great Recession was a period of general economic decline observed in world
markets during the late 2000s and early 2010s. Following the bursting of the housing
bubble in mid-2007, and the housing market correction and subprime mortgage crisis the
following year, the United States entered a severe recession. According to the Department
of Labor, roughly 8.7 million jobs were shed from February 2008 to February 2010.
Unemployment rose from 4.7% in November 2007 to peak at 10% in October of 2009.

http://stateofworkingamerica.org/great-recession/

Iraq
The Iraq war looms as, perhaps, the most important foreign policy issue during the 2008
election. With thousands of U.S. troops stationed there and sectarian violence always
threatening to engulf the country, candidates will have to grapple with the day-to-day
events taking place more than 6,000 miles away. Read the stances of the presidential
candidates below. The views of the vice presidential candidates are shown where
available.

Afghanistan

The war in Afghanistan, begun in late 2001 after the September 11 terrorist attacks, has
been ongoing for nearly seven years. An uptick in violence during the summer of 2008
renewed focus on the conflict. Read the stances of the presidential candidates below. The
views of the vice presidential candidates are shown where available.