Economic policy of the Barack Obama administration  The economic policy of the Barack Obama administration was characterized by moderate tax increases on higher income Americans, designed to fund health care reform, reduce the federal budget deficit, and decrease income inequality. His first term (2009–2013) included measures designed to address the Great Recession and Subprime mortgage crisis, which began in 2007. These included a major stimulus package, banking regulation, and comprehensive healthcare reform. As the economy improved and job creation continued during his second term (2013–2017), the Bush tax cuts were allowed to expire for the highest income taxpayers and a spending sequester (cap) was implemented, to further reduce the deficit back to typical historical levels. The number of persons without health insurance was reduced by 20 million, reaching a record low level as a percent of the population. By the end of his second term, the number of persons with jobs, real median household income, stock market, and real household net worth were all at record levels, while the unemployment rate was well below historical average. President Obama was inaugurated in January 2009, in the depths of the Great Recession and a severe financial crisis that began in 2007. His administration continued the banking bailout and auto industry rescue begun by the previous administration and immediately enacted an $800 billion stimulus program, the American Recovery and Reinvestment Act of 2009 (ARRA), which included a blend of additional spending and tax cuts. By March 2010, the private sector began creating jobs consistently each month, a trend which continued through the end of his tenure, while public sector employment was slower to recover due to budget cuts. President Obama followed with the 2010 Patient Protection and Affordable Care Act (ACA), commonly referred to as "Obamacare". By 2016, the law covered approximately 24 million people with health insurance via a combination of state healthcare exchanges and an extension of Medicaid. It lowered the rate of those without health insurance from approximately 16% in 2010 to 9% by 2015. Throughout his tenure, healthcare costs continued to moderate. For example, healthcare premiums for those covered by employers rose by 69% from 2000 to 2005, but only 27% from 2010 to 2015. By 2017, nearly 70% of those on the ACA marketplace exchanges could purchase insurance for less than $75/month after subsidies. The ACA was evaluated multiple times by the Congressional Budget Office (CBO), which scored it as a moderate deficit reducer, as it included tax hikes primarily on high income taxpayers (roughly the top 5%) and reductions in future Medicare cost increases, offsetting subsidy costs. No Republicans in the House or Senate voted for the law.