Obama’s Statement on Economy Before Asia Trip
12 November 2009 10:18 am by Taylor Marsh
http://edition.cnn.com/2009/POLITICS/11/12/obama.asia/
REMARKS BY THE PRESIDENT ON THE ECONOMY
Diplomatic Reception Room
THE PRESIDENT: Good morning, everybody. Before departing for Asia this morning, I’d like to make a brief statement about the economy.
Over the past 10 months, we’ve taken a number of bold steps to break the back of this recession. We’ve worked to stabilize the financial system, revive lending to small businesses and families, and prevent responsible homeowners from losing their homes. And through the Recovery Act, we’ve cut taxes for middle class families, extended and increased unemployment insurance, and created and saved more than a million jobs.
As a result, the economy is now growing again for the first time in more than a year — and faster than at any time in the past two years. But even though we’ve slowed the loss of jobs — and today’s report on the continued decline in unemployment claims is a hopeful sign — the economic growth that we’ve seen has not yet led to the job growth that we desperately need. As I’ve said from the start of this crisis, hiring often takes time to catch up to economic growth. And given the magnitude of the economic turmoil that we’ve experienced, employers are reluctant to hire.
Small businesses and large firms are demanding more of their employees, their increasing their hours, and adding temporary workers — but these companies have not yet been willing to take the steps necessary to hire again. Meanwhile, millions of Americans — our friends, our neighbors, our family members — are desperately searching for jobs. This is one of the great challenges that remains in our economy — a challenge that my administration is absolutely determined to meet.
We all know that there are limits to what government can and should do, even during such difficult times. But we have an obligation to consider every additional, responsible step that we can [take] to encourage and accelerate job creation in this country. And that’s why, in December, we’ll be holding a forum at the White House on jobs and economic growth. We’ll gather CEOs and small business owners, economists and financial experts, as well as representatives from labor unions and nonprofit groups, to talk about how we can work together to create jobs and get this economy moving again.
It’s important that we don’t make any ill-considered decisions — even with the best intentions — particularly at a time when our resources are so limited. But it’s just as important that we are open to any demonstrably good idea to supplement the steps we’ve already taken to put America back to work. That’s what this forum is about.
In the coming days, I’ll also be meeting with leaders abroad to discuss a strategy for growth that is both balanced and broadly shared. It’s a strategy in which Asian and Pacific markets are open to our exports — and one in which prosperity around the world is no longer as dependent on American consumption and borrowing, but rather more on American innovation and products.
It’s through these steps with our partners, in addition to the work we’re doing here at home, that we will not only revive our economy in the short term, but rebuild it stronger in the long term. That’s been the focus of our efforts these past 10 months — it will continue to be our focus in the months ahead.
Thanks very much, everybody.
This post was submitted by Taylor Marsh.
Tags: 2010, Barack Obama, economy
Same topic, different account:
White House Aims to Cut Deficit With TARP Cash
http://online.wsj.com/article/SB125799009185344567.html?mod=rss_Today%27s_Most_Popular
3rd quarter “growth” due to things like Cash for Clunkers. Watch quarter 4.
Unemployment actually over 17% per NYT.
Talk, Talk, Talk, blah, blah, blah. Dog and Pony show or you could call it smoke and mirrors coming.
Your independent move is manifesting hard.
Ya think
Actually there is only so much the government can do. Don’t think unemployment is going to change much for the next couple of years. Companies are not going to hire until they feel comfortable doing so and one thing that would be helpful would be healthcare reform so they know what they’re up against. For instance if reform is going to add an 8% payroll tax that is going to be a huge factor in cost.
I could go on but you get the picture.
Except I’d phrase it “little the president,” not the government can do. Yep, the president gets the credit or the blame.
That said, the Bailout Blues and the Administration’s response is what helped fuel last week’s election warning shot. That Obama continues his love affair with Wall Street is in the Dem tradition, or I could say elite political tradition no matter the party. It’s just not having Bill Clinton type results, because the financial crisis set a completely different stage this time.
Anybody else feel the potential for a George H. W. Bush type set up beginning for 2012? (God forbid. Thinking about Romney gives me nightmares.)
Obama is going to put himself in even more of a box with this summit unless all he does is invite the usual suspects (read that Admin cheerleaders).
From small business owners he is going to hear they need tax breaks. Can the country afford less revenue right now? No. They don’t need the added expense of healthcare reform (at least per the House bill). They need banks to loosen credit. How does the administration force freer flowing credit? Hasn’t happened so far for all the talk.
From others he will hear about the debt the country is in plus more.
Can’t imagine there could be anything new to discuss. Obama will then be accused of staging an event full of hot air and nothing more.
As for 2012, I shudder to think the campaign season starts next year.
obama giving the tarp money to pay off the cinese bankers should piss off plenty needing work here in America. we need a jobs bill. Reid claims he will put one on the floor evry soon. pelosi wants to speed up the transportation bill funds to pay for building rail etc.. I read this summit will feature all key labor grps-afl, afscme etc.. which is good. Guvs wil be there. We need jobs and congress needs to pass a big jobs bill. The future of the country and party rides onthis.
Ahhhh….the usual suspects.
texan4hillary -
The government cannot create jobs. They can expand the federal government thereby creating government jobs, but past that they just can’t.
We need new thinking on this. What used to work, such as a jobs bill, will not work in this economy. And anything Reid introduces I would run from.
OT
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President Barack Obama’s strategy for Afghanistan will include a plan for “how we’re going to get folks out” after a secure environment can be passed to the Afghan government, White House Press Secretary Robert Gibbs told reporters aboard Air Force One on Thursday: “We have been there for eight years. And we’re not going to be there forever.”
Politico email
Pleading guilty to being a usual suspect, there is quite a bit a bold leader can do to right the economy. In a word its is called infrastructure spending. Roads, bridges, sewer systems, building public buildings, water treatment plants, dams, etc, etc, etc. Our public infrastructure is in a bad way and needs basic repair and maintenance.
The tab for that is already two trillion dollars. A bold leader would tell the Blue Dog deficit hawks to sit down and shut up about the cost and ram a four year plan down Congress’ throat. He would remind the yapping corporate purchased Pomeranians that no voters gives a rat’s patootie about the deficit when they are unemployed or a fearful of becoming unemployed. He would remind the Congresscritters it they don’t do something real to bring down unemployment they will soon be looking for work themselves in 2010.
Each dollar invested in infrastructure brings about a 150% return on investment. With people gainfully employed the economy will return to full health and the new tax revenue generated by a healthy economy will help retire the debt.
Debt in and of itself is not problem, it is what that debt is spent on that matters. Spending trillions of dollars on war or Wall Street bail-outs is a poor investment. Investing in the public sphere always bring about a good return. Yes there are limits to the stuff we can build but thanks to nearly thirty years of Reaganite neglect of the public commons we are no were near that issue.
In WWII the debt climbed to 110% of GDP and we managed to survive that number with no ill effect. In the fifties our investment in infrastructure helped fuel the rise in prosperity of both the 50’s and 60’s.
What we lack is the political will, what we lack is a leader who has any core values other than go-along-to-get-along. But luckily he wants to be reelected and he needs to retain a working majority in Congress. Thus he will probably use this meeting of the mindless as cover to propose a second stim.
It is disgusting that crass political calculation will possibly drive Obama to do what he should have done this January, ride roughshod over the Republican opposition and his fellow Blue Dogs. Possible political death is finally forcing Obama to concentrate his mind wonderfully on the need to actually lead and throw some sharp elbows.
The actual unemployment number is at 17% and climbing. Deficit or no deficit the Democratic Congress, including the Blue Dogs, are going to pay attention to that number because if it does not improve they are toast in the rust belt.
Not to rain on anybodies parade but only the Party out of power pretends to care about the deficit. Once either the Elephants or the Donkeys are actually in charge they quickly forget their parsimonious values. Remember the Blue Dogs were more than happy to vote for W’s unfunded war time and time again. They were more than happy to sweep the real cost of our wars under the rug by using the rubric of “emergency appropriations.” With there jobs on the line those up for election in 2010 will find a way to keep those jobs even if it means blowing a even bigger hole in the budget.
spincitysd -
I respect your opinions, I really do, but one of the mistakes some are making is looking backwards at what economic policies have come before.
Today’s economy cannot be compared to the 40’s or 50’s, not even the 60’s. It’s much more complex and as much as the term global economy is overused in this discussion it applies.
As for infrastructure attention geez since Reagan we have had three other Presidents who could have invested in it but did not.
Debt, deficit and trade imbalance are huge issues to economic recovery. Anyone who argues that it is not and is sustainable is not paying attention. The current debt will not be paid for in my generation, probably not the next, but if lucky the following. Horrible and downright criminal.
If you respond to my comments and I don’t reply it won’t be because I am ignoring you or others, it’s I am off to help the economy. Taking a three day weekend and spending it at the breathtakingly beautiful Northern California coast and I am not taking my laptop with me
Everyone have a great weekend.
Forgot to add….lack of political will? Amen to that. It has been missing for sometime and I don’t expect it to appear any time soon.
Now I am out.