Obama Makes Major Speech On USA Economy

Washington DC – President Elect Obama will today present view on the state of the economy. Excerts of the speech are as follows;

“I don’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon as possible.  If nothing is done, this recession could linger for years.  The unemployment rate could reach double digits.  Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four.  We could lose a generation of potential and promise, as more young Americans are forced to forgo dreams of college or the chance to train for the jobs of the future.  And our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world”.

In short, a bad situation could become dramatically worse.

…There is no doubt that the cost of this plan will be considerable.  It will certainly add to the budget deficit in the short-term.  But equally certain are the consequences of doing too little or nothing at all, for that will lead to an even greater deficit of jobs, incomes, and confidence in our economy.  It is true that we cannot depend on government alone to create jobs or long-term growth, but at this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe.  Only government can break the vicious cycles that are crippling our economy – where a lack of spending leads to lost jobs which leads to even less spending; where an inability to lend and borrow stops growth and leads to even less credit.

That is why we need to act boldly and act now to reverse these cycles.  That’s why we need to put money in the pockets of the American people, create new jobs, and invest in our future.  That’s why we need to re-start the flow of credit and restore the rules of the road that will ensure a crisis like this never happens again.

That work begins with this plan – a plan I am confident will save or create at least three million jobs over the next few years.  It is not just another public works program.  It’s a plan that recognizes both the paradox and the promise of this moment – the fact that there are millions of Americans trying to find work, even as, all around the country, there is so much work to be done.  

That’s why we’ll invest in priorities like energy and education; health care and a new infrastructure that are necessary to keep us strong and competitive in the 21st century.  That’s why the overwhelming majority of the jobs created will be in the private sector, while our plan will save the public sector jobs of teachers, cops, firefighters and others who provide vital services.


Washington DC – President-elect Barack Obama will meet this morning with House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid on Capitol Hill.

Later this afternoon, Vice President-elect Joe Biden will join a meeting with Democratic and Republican congressional leadership, including Senate Majority Leader Reid and Speaker Pelosi, as well as Senate Minority Leader Mitch McConnell, Senate Assistant Majority Leader Dick Durbin, Senate Minority Whip Jon Kyl, House Majority Leader Steny Hoyer, House Minority Leader John Boehner, House Majority Whip Jim Clyburn. and House Minority Whip Eric Cantor.

President-elect Obama will also meet this afternoon at the Transition office in Washington, D.C. with top economi advisors, including Melody Barnes, Director-designate, Domestic Policy Council; Carol Browner, Assistant-designate to the President for Energy and Climate Change; Former Senator Tom Daschle, Health and Human Services Secretary-designate and Director-designate, White House Office on Health Reform;  Rahm Emanuel, Chief of Staff-designate; Timothy Geithner, Treasury Secretary-designate; Ron Klain, Chief of Staff-designate, Vice President-elect; Peter Orszag, Director-designate, Office of Management and Budget; Christina Romer, Director-designate, Council of Economic Advisors and Lawrence Summers, Director-designate, National Economic Council.

In keeping with President-elect Obama’s pledge to run the most open and transparent transition in history, the Obama-Biden Transition Project has voluntarily chosen to release the names of its donors on a monthly basis. Typically, transition donors are released after the transition period is complete.  As of December 15, 2008, a total of $3,803,222.48 had been raised from 53,853 donors. The average donation is $70.62 per donor.
The Obama-Biden Transition Project only accepts contributions from individuals’ personal funds — we refuse all donations from corporations, labor unions and PACs. Individuals may not donate more than $5,000. We also refuse all contributions from registered federal lobbyists and registered foreign agents.

Earlier this morning, President-elect Barack Obama and Mrs. Michelle Obama helped their two daughters, Malia (10) and Sasha (7), get ready for their first day of school.

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