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Obama's Call For Action -- And Money: 'A Crisis Unlike Any We Have Seen'

January 08, 2009 11:41 AM

Barack Obama just wound up his speech at George Mason University. Some excerpts here:

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"Throughout America's history, there have been some years that simply rolled into the next without much notice or fanfare.  Then there are the years that come along once in a generation -- the kind that mark a clean break from a troubled past, and set a new course for our nation. This is one of those years...

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...

We arrived at this point due to an era of profound irresponsibility that stretched from corporate boardrooms to the halls of power in Washington, DC.  For years, too many Wall Street executives made imprudent and dangerous decisions, seeking profits with too little regard for risk, too little regulatory scrutiny, and too little accountability.  Banks made loans without concern for whether borrowers could repay them, and some borrowers took advantage of cheap credit to take on debt they couldn't afford.  Politicians spent taxpayer money without wisdom or discipline, and too often focused on scoring political points instead of the problems they were sent here to solve.  The result has been a devastating loss of trust and confidence in our economy, our financial markets, and our government...

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 21^st 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. 

To finally spark the creation of a clean energy economy, we will double the production of alternative energy in the next three years.  We will modernize more than 75 percent of federal buildings and improve the energy efficiency of two million American homes, saving consumers and taxpayers billions on our energy bills.  In the process, we will put Americans to work in new jobs that pay well and can't be outsourced -- jobs building solar panels and wind turbines; constructing fuel-efficient cars and buildings; and developing the new energy technologies that will lead to even more jobs, more savings, and a cleaner, safer planet in the bargain...

I understand that some might be skeptical of this plan.  Our government has already spent a good deal of money, but we haven't yet seen that translate into more jobs or higher incomes or renewed confidence in our economy.  That's why the American Recovery and Reinvestment Plan won't just throw money at our problems -- we'll invest in what works.  The true test of the policies we'll pursue won't be whether they're Democratic or Republican ideas, but whether they create jobs, grow our economy, and put the American Dream within reach of the American people...

January 8, 2009 in Economy, Inauguration, Obama, Barack, President 44 | Permalink | Share | User Comments (2)

User Comments

Posted by: Ann | Jan 8, 2009 12:36:58 PM

Posted by: Lizzie | Jan 8, 2009 1:01:57 PM

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