Obama: Economy Headed In "Right Direction"

THE PRESIDENT: Good afternoon, everybody. I'd like to say a few words about the state of our economy, and what we're doing to put Americans back to work and build a new foundation for growth.

Last week, we received a report on America's Gross Domestic Product -- a key measure of our economic's [sic] health -- and it showed marked improvement over the last few months. This morning, we received additional signs that the worst may be behind us. Though we lost 247,000 jobs in July, that was nearly 200,000 fewer jobs lost than in June, and far fewer than the nearly 700,000 jobs a month that we were losing at the beginning of the year.

Today we're pointed in the right direction. We're losing jobs at less than half the rate we were when I took office. We've pulled the financial system back from the brink, and a rising market is restoring value to those 401(k)s that are the foundation of a secure retirement. We've enabled families to reduce the payments on their mortgages, making their homes more affordable and reducing the number of foreclosures. We helped revive the credit markets and opened up loans for families and small businesses.

While we've rescued our economy from catastrophe, we've also begun to build a new foundation for growth. That's why we passed an unprecedented Recovery Act less than a month after I took office -- and did so without any of the earmarks or pork-barrel spending that's so common in Washington. Now, there's a lot of misinformation about the Recovery Act. So let me repeat what it is and what it is not. The plan is divided into three parts.

One-third of the money is for tax relief that's going directly to families and small businesses. For Americans struggling to pay rising bills with shrinking wages, we've kept a campaign promise to put a middle class tax cut in the pocket of 95 percent of working families -- a tax cut that began showing up in paychecks about four months ago. We also cut taxes for small businesses on the investments they make, and substantially increased loans through ...

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• Economy
• recovery
• stimulus
• recession
• unemployment
• employment
• jobs
• Obama
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[wendellbravo666]

patriot the game

[afterray]

sorry mr. president:

my two year old son knows that you are a full of trash!

my baby boy knows why his papa is unemployed.

after the white house kicks obama out and ALL of the americans scream with joy. i think that obama should take his campaign "yes we can" to the swamp. IF he's lucky, the wild pigs will appreciate his appearance.

obama. the first and the NEVER AGAIN!

[C2daORRUPT]

Ron Paul 2012

stop the BS! End the Fed! restore Liberty! restore Freedom!

[2missdebbie]

This is a bunch of BS--things may be going good for you Obama, but I have a feeling the winds of change are coming! I can't wait to 'help' vote you out of office! Yay!!

[BLCalifornia]

>

> This guy is so full of shtt

> If he really belives this then maybe the rumors about Obama's history of mental illness are true!

>

[nafaidni]

Hmm, this recession was made by a bunch of people... irresponsible people, not the government.

So it isn't really the people's place right now to tell the government to stay off and let them try again.

Point is that while the country belongs to the people, the government is responsible for governing. Let Caesar do what is for Caesar.

[brabon1]

no, i mean people who own old age homes and private hospitals...who make all their money off of medicare

and then scream about socialism

those people

[Back2BackJack]

You mean the people who steal from the government or collect 2 pensions and benefits and all sorts of other goodies. Yea, that's worked out great. Maybe the government should employ more people like that. How about the post office, or social security, they're doing great. I'm sure the government will be just as responsible with the stimulus money. The government has forced more debt on me than I've ever accumulated in my entire life, and I'm supposed to be happy they spent 787 billion?

[brabon1]

ww2 was the greatest works program ever created

it is time to go back to school

btw, the wealthiest people i know, make it all off the government dole

[Back2BackJack]

You can't debate whether jobs were created, but government jobs don't create economic growth the way private enterprise does. Government jobs rarely produce like the private industry does. That's very important to an economy. I think many people believe it was WW2 and the US producing supplies for England prior to WW2 that boosted our economy. Not to mention the millions of job openings that occured when our troops went overseas.