Many say the downturn in the economy is what convinced many voters to elect President Barack Obama -deciding the country needed change they could believe in. During the election - President Obama said the American Economy was facing challenges not seen -since the great depression.  After his election - came word... the economy was in worse shape -than ever thought.

After four quarters of decline, the economy begins growing during the July-to-September period, signaling the end of the worse recession since the 1930s.

The rebound is sluggish and powered mainly by a government stimulus program.

The nation's unemployment rate tops 10 percent, with 15.4 million people out of work.

The Federal Reserve says it could take five or six years for the job market to recover.

Auto sales plunge to a 26-year low, hastening General Motors' and Chrysler's collapse into bankruptcy protection; both emerge much leaner. GM emerges to ax its Saturn, Pontiac and Hummer brands and close thousands of dealerships.

Controlled by Fiat, Chrysler announces it will spend $23 billion to overhaul or replace all Chrysler, Dodge, Jeep and Ram models by 2014.

Home foreclosures top 4 million, and by year's end, a record 14 percent of mortgage-holders are either behind on their payments or in foreclosure.

Bargain-priced foreclosures drag down home values. American homeowners have lost $4 trillion in home equity since the housing bust.

Major stock indexes tumble in March to 12-year lows, but the Dow Jones industrial average is back above 10,000 by October.

Undone by bad real estate, construction and industrial loans, 140 banks collapse.

It's the biggest annual number since 1992, when 181 banks failed at the end of the savings-and-loan crisis.

The federal deficit triples to record $1.4 trillion as financial bailout and war costs soar.

Government stimulus programs spur sales of homes and autos but raise doubts about whether the economic recovery can be lasting if federal aid is withdrawn.

Consumer spending, which accounts for about 70 percent of U.S. economic activity, shows tentative improvement but remains far below pre-recession levels.

Evidence mounts that many Americans have become lasting coupon-cutters, scrimpers and savers.

No doubt, stats on health care costs are grim: Every year for 30 years, costs have accelerated 2% faster than the rest of the economy. Insurance bills account for many layoffs and cutbacks.

Change was needed, but was it the government's place? Was health care a right? The Obama administration believed so, and decided to risk repeating history by proposing health care reform.

Taxpayer anger at big government erupted at town-hall meetings and wild rumors circulated, but the work went on at the Hill with the House and Senate working on their own versions, well into winter.

Ebrunews