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Obama: Economy moving in 'right direction'
In his weekly radio and Internet address, the president also noted a report this week showed the gross domestic product had grown 3.5 percent in the third quarter, marking its first gain in more than a year.
"Over the past 10 months, I've often had to report distressing news during what has been a difficult time for our country," Obama said. "But today, I am pleased to offer some better news that -- while not cause for celebration -- is certainly reason to believe that we are moving in the right direction."
He said the country has a "long way to go before we return to prosperity" but added, "It is easy to forget that it was only several months ago that the economy was shrinking rapidly and many economists feared another Great Depression."
Obama said his administration has increased lending to families and businesses, modified mortgages to help hundreds of thousands of homeowners keep their homes and cut taxes for 95 percent of working families.
At the same time, he said, the recovery act has created or saved more than 1 million jobs across the country.
"That's more than 1 million people, who might otherwise be out of work today, folks who can wake up each day knowing that they'll be able to provide for themselves and their families," he said.
But with unemployment at a quarter-century high of 9.8 percent, Obama acknowledged "economic growth is no substitute for job growth."
"And we will likely see further job losses in the coming days, a fact that is both troubling for our economy and heartbreaking for the men and women who suddenly find themselves out of work," he said
"But," he added, "we will not create the jobs we need unless the economy is growing; that's why this GDP report is a good sign."
Copyright 2009 by United Press International
This news arrived on: 10/31/2009
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Posted Comments:
11-02-2009 10:52
Redneck is here! wrote:
South, please not again!!
I got to go to town, today, maybe Bass Pro Shop has some hip waders? The bull is getting deeper than my boots! What he really means is------The recession is over! Take that few bucks you have been saving for food, out from under the mattress! Come back to the STOCK MARKET! They need what you have left!! (you get better odds at tribal bingo) Your going to lose your home anyway!! And it won't buy you healthcare! (we'll get anything put into your bank account) Make it easy on us, and give it to Wall Street!!!
11-02-2009 09:48
aohjeff wrote:
Although I generally believe absolutely nothing out of Obummer's mouth, I try to give him the benefit of the doubt. But I will not believe any of his "we're getting better" hype until I see concrete results: people (in my area) going back to work. The want ads continue to be miserably anemic across the board (low-end to high-end positions), and my area is supposed to be one of the less hard hit areas in the recession/depression. I only wish I could see some evidence of having an actual President instead of a spin doctor.
11-02-2009 08:14
wrote:
Because the stimulus is easily figured; so much in and so much back out, I wondered what this speech was about. It is hidden in the next to last paragraph. The next unemployment rates will be over 10%. I think this is a way to soften that news. Could always be worse versus getting better.
11-02-2009 01:58
shiloh wrote:
The economy is truly moving in the right direction,,,,,SOUTH.
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