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Obama: no quick fixes to economic crisis

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Remarks of President-elect Barack Obama
Democratic Radio Address
Friday, November 21st, 2008

Good morning.

The news this week has only reinforced the fact that we are facing an economic crisis of historic proportions. Financial markets faced more turmoil. New home purchases in October were the lowest in half a century. 540,000 more jobless claims were filed last week, the highest in eighteen years. And we now risk falling into a deflationary spiral that could increase our massive debt even further.

While I'm pleased that Congress passed a long-overdue extension of unemployment benefits this week, we must do more to put people back to work and get our economy moving again. We have now lost 1.2 million jobs this year, and if we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year.

There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better. But January 20th is our chance to begin anew - with a new direction, new ideas, and new reforms that will create jobs and fuel long-term economic growth.

I have already directed my economic team to come up with an Economic Recovery Plan that will mean 2.5 million more jobs by January of 2011 - a plan big enough to meet the challenges we face that I intend to sign soon after taking office. We'll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy. We'll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels; fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead.

These aren't just steps to pull ourselves out of this immediate crisis; these are the long-term investments in our economic future that have been ignored for far too long. And they represent an early down payment on the type of reform my Administration will bring to Washington - a government that spends wisely, focuses on what works, and puts the public interest ahead of the same special interests that have come to dominate our politics.

I know that passing this plan won't be easy. I will need and seek support from Republicans and Democrats, and I'll be welcome to ideas and suggestions from both sides of the aisle.

But what is not negotiable is the need for immediate action. Right now, there are millions of mothers and fathers who are lying awake at night wondering if next week's paycheck will cover next month's bills. There are Americans showing up to work in the morning only to have cleared out their desks by the afternoon. Retirees are watching their life savings disappear and students are seeing their college dreams deferred. These Americans need help, and they need it now.

The survival of the American Dream for over two centuries is not only a testament to its enduring power, but to the great effort, sacrifice, and courage of the American people. It has thrived because in our darkest hours, we have risen above the smallness of our divisions to forge a path towards a new and brighter day. We have acted boldly, bravely, and above all, together. That is the chance our new beginning now offers us, and that is the challenge we must rise to in the days to come. It is time to act. As the next President of the United States, I will. Thank you.

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5 Comments

I THANK YOU FOR WINNING THE ELECTION BECAUSE YOU
TRUELY HAVE A PLAN TO GET US OUT OF THIS MESS!
IF YOU FAIL TO PLAN, YOU PLAN TO FAIL!
THANK YOU FOR KEEPING US INFORMED ON A WEEKLY
BASIS, WE NEED THE UPDATES, I WILL BE VERY HAPPY
WHEN YOU OFFICIALLY TAKE OVER AND RUN THE NATION!
YOU HAVE MY SUPPORT!
HOPE YOU ENJOYED YOUR CORNED BEEF SANDWICH ON
FRIDAY!

I appreciate having heard the feedback, but was anyone else hoping he would have addressed the FISA vote he took? I certainly want that repealed quickly. It amazes me that shouting bloggers can conflate a puff piece with a policy piece.

Well, you were elected President. I have a kept list of all you're promises made. Will keep up with you to just see how many you truly fulfill. All through the primary fight with Clinton, every time she mentioned the Clinton years on the Hill , how good they were, Mr. President elect, you continued to voice the need for change, not the repeat of past Presidents. Yet, you have placed many of the same advisors and administrators of that presidency back in the White House. So where is the so call CHANGE? The whole country and the whole world will be watch ! GOOD LUCK!

Congratulations Mr. President elect Obama!
I'm sure you'll do great and we as Americans got your back all the way. We understand things take time.

THE PRIMARY IS OVER, THE GENERAL ELECTION IS OVER
NOW PRESIDENT-ELECT OBAMA IS IN TRANSITION AND
THE STOCK MARKET IS IMPROVING, JUST THINK WHAT
IS GOING TO HAPPEN WHEN HE IS SITTING ON
PENNSLYVANIA AVENUE, THE MAN HAS BEEN TRAINED
TO DO THIS JOB, HE ISN'T TRYING TO IMPRESS HIS
FATHER, OR OUTDO HIS BROTHER, HE IS A SMART MAN
THAT GOD HAS PLACED IN THIS POSITION TO BE A
SUCCESS FOR THE WORLD TO SEE!
GOD DON'T MAKE JUNK, AND HE MADE PRESIDENT-ELECT
OBAMA, THIS MAN IS READY TO MAKE AMERICA GREAT
AGAIN!
EITHER SUPPORT HIM OR GET OUT OF HIS WAY!
EITHER WAY YOU ARE GOING TO WIN, BECAUSE THE
COUNTRY IS GOING TO IMPROVE, THE 44TH PRESIDENT
OF THE UNITED STATES OF AMERICA IS READY FOR
WORK ON DAY 1, HE HAS A PLAN, AND HE HAS SURROUNDED HIMSELF WITH SMART INDIVIDUALS TO
HELP HIM GET IT DONE!
HOLD ON AMERICA A MIGHTY CHANGE IS IN THE AIR!

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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This page contains a single entry by Lynn Sweet published on November 22, 2008 11:01 AM.

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