President-elect Barack Obama said in his address on Friday that this week’s news points to the severity of the nation’s economic crisis, citing that new home purchases for October were at the lowest level in fifty years, while 540,000 claims for unemployment were filed last week – the highest in eighteen years. He also said that “we now risk falling into a deflationary spiral that could increase our massive debt even further.”
He said he was glad that Congress passed an extention on Emergency Unemployment Compensation (EUC) this week, but that more needed to be done to address the nation’s rising unemployment. Obama said that we’ve already lost 1.2 million jobs this year and that experts believe that we could lose millions more in the next year “if we don’t act boldly and swiftly.”
Obama said, “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. “
He said his economic team is working on an Economic Recovery Plan to create 2.5 million jobs by January 2011 by improving, maintaining, or rebuilding the nation’s infrastructure. They will be working on the details over the next few weeks, but plan to fix the nation’s crumbling roads and bridges and update schools to improve the quality of our children’s educations.
The promotion of renewable energy will also be a major focus in Obama’s job creation plan, by building wind-farms and solar panels. He also talked of reducing the nation’s dependency on foreign oil and keeping our economy competitive by improving using alternative energy technologies and improving the fuel-efficiency of vehicles.
Obama said, “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.”
He expressed concern for the millions of Americans who are struggling during these difficult times – workers facing job losses, families with money shortages, retirees worried of their savings evaporating, and students having difficulty funding their college tuition.
Obama closed with, “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.”
Source:
change.gov
