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Give it Some Time, Obama Says in Defending the Recovery Act
July 11, 2009 6:27 AM
From Sarah Tobianski and Sunlen Miller
After a week of foreign travel President Obama uses his weekly address to refocus on the domestic agenda, launching into a strong defense of the success of the recovery act, and shoots down the notion that there is a need for a second stimulus.
"Even as we make progress on these challenges abroad, my thoughts are on the state of our economy at home," Obama said in his weekly address taped in L’Aquila Italy where the President was earlier in the week for the G8 summit.
The address responds to a growing chorus of criticism that the $787 billion recovery plan isn’t working as unemployment soars still to astounding levels.
“I realize that when we passed this Recovery Act, there were those who felt that doing nothing was somehow an answer,” the President will say. “Today, some of those same critics are already judging the effort a failure although they have yet to offer a plausible alternative.”
The President says the recovery act was not designed to restore the economy to full health on its own, but to provide the boost necessary to stop the free fall.
The President tries to halt calls for a second stimulus, saying that the recovery plan wasn’t designed to work in four months, but two years, and that it will continue to accelerate as time passes.
“Part of what makes our current economic situation so challenging is that we already had massive deficits as the recession gathered force,” the President will say. “And although the Recovery Act represents just a small fraction of our long term debt, people have legitimate questions as to whether we can afford reform without making our deficits much worse.”
The stimulus is working as it should, the President says and adds that the country is moving in the right direction.
“I am confident that the United States of America will weather this economic storm,” the President will say. “But once we clear away the wreckage, the real question is what we will build in its place. Even as we rescue this economy from a full blown crisis, I have insisted that we must rebuild it better than before.”
- Sarah Tobianski and Sunlen Miller
July 11, 2009 | Permalink | Share | User Comments (168)
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Clearly when you go state to state and examine states in the red, the split is very close to 50/50.
Much as you might try, you will see no great evidence of 'the fiscally conservative' Republicans, nor of the 'evil, over-spending' Democrats.
The overspending of the Bush administration is historical record - basically HALF A BILLION overspend each year of the administration.
Posted by: danita | Jul 12, 2009 12:10:18 AM
Da Nita,
Wow,
Do yourself a favor and do some research from some reliable sources before you post. How long ago did the housing bubble start. Who had control of what branch of government? What special interest group pushed for mortgages without proof of income....hmmmm ACORN......who did acorn support for office? Which head of the Fed also pushed for Easy Mortgages? What role did Barney the clown Franks play in all of this, what was he chair of? What about Mr. Dodd from Ct. do you know his role? Open your eyes Da Nita your lies won't get pass many on this board
Posted by: foxnewsfan | Jul 12, 2009 12:09:55 AM
Danita, nice to see people catching on to your tendency to fudge the facts and assume that constant repetition will give them the patina of legitimacy. (Wonder where in public life you would have seen that pattern you emulate? I have a few ideas. *G*)
Since others have addressed your incorrect statement about whether Republicans or Democrats control the most financially troubled states, I will instead turn to another line you are peddling tonight that raises red flags for me. As always, you want to put ALL of the blame for the current financial disaster on Republicans, most particularly on George W Bush, and NONE of the blame on Democrats, and certainly not on The Chosen One. Sorry, but as they say in the south, that dog won't hunt. You wrote, "Seriously, that the Republicans didn't see the economic crisis coming, nor prepare for it can't be blamed on anyone else." Dear, at what point in our recent history have there been NO Democrats in Congress, no Democrat talking heads on cable television, no Democratic economists or financial planners, no Democratic public officials at all? I ask such a ridiculous question to make the point that your statement is equally ludicrous. If you can complain that the Republicans did not see the looming crisis and head it off, how can you not see that they were not alone? IF it were as obvious as you seem to think it was, why were there no Democrats in Congress crying out to warn America of the impending crisis?
In fact,there were a few people from both parties who sounded alarms about specific problems that contributed to the meltdown of the economy, such as McCain and others being concerned about the oversight of Fannie and Freddie. Face it, Danita, both parties were party to the development of this problem and both parties should work to get us out of it now, to the degree that the government has a role to play in fixing the economy. Of course, I think the government played only a small role in creating the problem and that it will ultimately play only a small role in fixing the economy-- unless Obama has his way and excessive government involvement exacerbates the problem even more than it already has.
Posted by: moderate | Jul 12, 2009 12:01:03 AM
Obama just does not get it. ABC just does not get it. Pelosi does not get it.
Obama is taking this country down. We are going into the gutter. This man has no conception on how a government works or runs nor does he have any concept on proper etiquette of a President.
I have to laugh when I see the fools he has surrounded him self with. Nancy Pelosi, she is so far from the average person and so self-righteous she has no clue on real life. Look at her failed state of California wich she helped to get into the debt it is in with all the rest of the extreme leftist california tree hugging liberals.
Moving on Mr. Dodd from Ct. Hey it must be nice that you had a special rate on your mortgage for your family Mr. Dodd, are you special and above the rest of us.
What about Mr. Barney Franks from Taxachusetts. This man is a disgrace, his boyfriend was on the board of Freddie Mac he had special interest that the mortgages would go out to anyone regardless if they qualifed for a mortgage or not.
These elitist are taking us down a path of no return. They believe they know what is best for us because they went to Yale or Harvard yet many have barely worked a real day of their lives. I am sick and tired of people worshipping these pompous as#es. They are no good for the people nor this country.
Like the rest of us hard working Americans when are income goes down we have to cut back our spending. Well Obama and the left need to do the same they have lost 34% of their income tax base which represents 70% of the governments money. They to need to stop the spending and start cutting their own budgets. They need to do what many Americans have and have their pay cut like the rest of us. They also need to stop shoving a national medical plan down our throats which will cost trillions from who they call the "rich" people. Well guess what the "rich" is every taxpaying person in this country. They won't tell you that, they have put up the words of the rich vs. the poor as a scare mongering tactic. Open up your eyes these people are no good. I do not care if they are Democrat or Republican if they voted for the Stimulus, Cap n Tax, health Care, we need to vote them out of office.
We need to take our country back. We do not need some big Fat Fed telling us how to spend our money and how to live our every aspect of our lives. What the heck do they know many of them have never worked a real job in their lives, come on community organizer gimme a break. We need experienced people in DC, we need honest hard-working people in DC. Take back this country!
Posted by: Foxnewsfan | Jul 11, 2009 11:58:59 PM
X-Republican Because of Bush |I'd rather have the Democrats who at least tell me upfront, "well we may have to raise taxes if we're going to put the country in a war that has two fronts (Iraq and Afghanistan).... then, the Republicans who "claim" they are fiscally conservative when they really aren't.
======================================
I thought Obama "told us up front" that he was not going to raise taxes on the average citizen? Guess what, you were lied too.
Posted by: Vicky | Jul 11, 2009 11:29:59 PM
X-Republican, Obama claimed he was going to use a surgical knoife and begin cutting the debt. There is no way you went from fiscally conservative, to backing a guy who is going to run a record deficit this year. Also, did you take a poll of economists on what caused this recession? First cause I found when I looked it up was that the Fed kept interest rates too low for too long causing the housing bubble to occur in 2004 through 2006. When the bubble burst, people with interest-only loans and people "flipping" houses were caught in the middle. The foreclosures then began to mount.
Posted by: BK-1970 | Jul 11, 2009 11:13:38 PM
danita said By understanding that 6 out of 11 states that are 'in the red' have Republican governors, it's clearly pointed out out that you can barely see any noticeable difference at the state level between the 'fiscally conservative' Republicans and the 'evil, money-spending' Democrats. ========================================
That statement is totally incorrect. Six out of the top ten states "in the red" are democratic, not republican. Just because you post the same bs twice does not validate it or make it correct.
Posted by: Vicky | Jul 11, 2009 11:05:12 PM
X-Republican because of Bush. Whatever. Nobody believes it.
Posted by: BK-1970 | Jul 11, 2009 10:53:54 PM
Give it about 8 years to work.
Posted by: BK-1970 | Jul 11, 2009 10:50:49 PM
Face it Boxcar.... the republican party no longer holds the White House or the Congress, because people like me (who use to fall for their b-s line, "the party of smaller government") that voted for them.
Until I found out that that whole line that they throw out there about being "fically CONSERVATIVE".... it isn't really true when they put the nation $5 TRILLION in debt in a matter of 8 years.
It's funny though.... some people like you... they still fall for that "line".
I'd rather have the Democrats who at least tell me upfront, "well we may have to raise taxes if we're going to put the country in a war that has two fronts (Iraq and Afghanistan).... then, the Republicans who "claim" they are fiscally conservative when they really aren't.
You don't pay your bills at home by building debt, neither should the republicans have done the same to our government.
Posted by: X-Republican Because of Bush | Jul 11, 2009 10:38:32 PM
This is going to be his legacy, just a little longer, like the bills he got passes and the ones he turned down, all the same thing, a little longer before they take effect or wait a little longer before acting.
Posted by: CC | Jul 11, 2009 10:28:01 PM
Boxcar . ..
I stick by what I said . .
The Republicans had control of the White House and Congress for basically 6 full years to prepare for, anticipate or prevent any upcoming economic crisis.
That they didn't see it coming or prepare for it cannot be blamed on anyone else.
Seriously, that the Republicans didn't see the economic crisis coming, nor prepare for it can't be blamed on anyone else.
Posted by: danita | Jul 11, 2009 10:26:54 PM
Boxcar . ..
Okay, I'll say it myself . .
By understanding that 6 out of 11 states that are 'in the red' have Republican governors, it's clearly pointed out out that you can barely see any noticeable difference at the state level between the 'fiscally conservative' Republicans and the 'evil, money-spending' Democrats.
The Republicans are not noticeably more 'fiscally responsible' than the Democrats to any significant degree at all.
Certainly the doubling of the national debt by the Bush administration in Washington proved this as well.
Posted by: danita | Jul 11, 2009 10:23:55 PM
Oh please spare me. Franks, Reid and along with Pelosi were sitting in the drivers seat of the banking/finanical bus for two years. Not once did they even tap the brakes. They just drove the bus right over the cliff. In the end everyone up there on both sides are responsible for this mess and if you think otherwise you are just delusional.
I'm out of here.
Posted by: Boxcar | Jul 11, 2009 10:16:50 PM
BOXCAR: "dont recall Pelosi, Reid or Franks let alone Obama, granted he was wet nosed newbie, that stood up and said anything about what the future held for our economy."......LOL.
Boxcar, you are funny. It doesn't take a "rocket scientist" nor a senator or congressman to "say anything about what the future held for our economy" (quoting you).
Let's see Boxcar("duhh?").... "cut, cut, cut, cut taxes while we spend, spend, spend, spend on Iraq and Afghanistan" .... you don't think the huge national debt contributed to the economic crisis we're in?? (LOL)
Also, look up these two laws sponsored and co-sponsored primarily by the Republicans (Phil Gramm was the pusher of these two laws) when they held control of the congress:
(1) Financial Services Modernization Act of 1999
(2) Commodity Futures Modernization Act of 2000
and yes... (because I know you'll come back with this argument), Bill Clinton signed these two bills into law.
These two laws "deregulated" all the safeguards that were put in place by the Glass-Steagall Act of 1933, after the Great Depression. Do you know what the Glass-Steagall Act was also called? "THE BANKING ACT OF 1933". And it prevented us from falling into another depression until Phil Gramm (R-TX) decided we no longer needed the Glass-Steagall Act and introduced the two laws above to remove almost all regulation of financial markets and banks.
Most economist believe that these two laws were the culprits of the current recession that we are experiencing.... look it up!
Posted by: X-Republican Because of Bush | Jul 11, 2009 10:09:22 PM
danita said ". If we all kept our money no bridges would get built, the commuter highways would fall into disrepair" That is incorrect. The Dulles Greenway is a privately built & operated highway. So it can be done without tax money.
Posted by: ellsbells930 | Jul 11, 2009 10:01:42 PM
danita thats not what his post states. His post wasn't even close with any real facts so with you trying to tell us "what he meant to say is" you sound like every other butt covering obamabot.
Posted by: Boxcar | Jul 11, 2009 9:53:45 PM
Boxcar . ..
The Republicans had control of the White House and Congress for basically 6 full years to prepare for, anticipate or prevent any upcoming economic crisis.
That they didn't see it coming or prepare for it cannot be blamed on anyone else.
Posted by: danita | Jul 11, 2009 9:51:16 PM
Boxcar . ..
By stating 6 out of 11 states that are 'in the red' have Republican governors, 'X-Republican Because of Bush' is simply pointing out that you can barely see any noticeable difference at the state level between the 'fiscally conservative' Republicans and the 'evil, money-spending' Democrats.
The Republicans are not noticeably more 'fiscally responsible' than the Democrats to any significant degree at all.
Certainly the doubling of the national debt by the Bush administration in Washington proved this as well.
Posted by: danita | Jul 11, 2009 9:47:09 PM
danita +++We're still trying to struggle our way out of that economic disaster - which the Republicans had 6 full years to prepare for, anticipate or prevent - and we may be struggling for a while yet. ++++I dont recall Pelosi, Reid or Franks let alone Obama, granted he was wet nosed newbie, that stood up and said anything about what the future held for our economy.
Posted by: Boxcar | Jul 11, 2009 9:40:12 PM
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