Obama Promises "Immediate Action" On The Economy

WASHINGTON — President-elect Barack Obama on Saturday outlined his plan to create 2.5 million jobs in coming years to rebuild roads and bridges and modernize schools while developing alternative energy sources and more efficient cars.

"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," Obama said in the weekly Democratic radio address. The economic recovery plan being developed by his staff aims to create 2.5 million jobs by January 2011, and he wants to get it through Congress quickly and sign it soon after taking office.

He called the plan "big enough to meet the challenges we face" and said that it will jump-start job creation but also "lay the foundation for a strong and growing economy."

Aides said the economic plan outlined Saturday went further that the president-elect has gone before.

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A trio of crises _ housing, credit and financial _ have badly damaged the economy, and financial analysts have projected the country's economic hardships will continue through much of 2009.

Obama acknowledged Saturday that evidence is growing the country is "facing an economic crisis of historic proportions." He noted turmoil on Wall Street, a decrease in new home purchases, growing jobless claims and the menacing problem of deflation.

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He said he was pleased Congress passed an extension of unemployment benefits this week, but added, "We must do more to put people back to work and get our economy moving again."

Figures out this week showed new claims for jobless aid had reached a 16-year high. "If we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year," Obama said.

He cautioned, "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 Obama said Inauguration Day, Jan. 20, "is our chance to begin anew."

Obama said getting congressional approval for his broad economic plan will not 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," he said. "But what is not negotiable is the need for immediate action."

Across the country, Americans "are lying awake at night wondering if next week's paycheck will cover next month's bills," people are showing up at work to clear out their desks and retirees are watching their life savings disappear, Obama said.

On Thursday, the Labor Department reported that claims for unemployment benefits jumped last week to 542,000. That marked the highest level since July 1992 and provided fresh evidence of a rapidly weakening job market that is expected to get even worse next year.

In this country's darkest hours, the American people have risen above their divisions to solve their problems, he said.

"We have acted boldly, bravely, and above all, together," Obama said. "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."

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On the Net:

Video link to Obama's address: http://www.change.gov

Comments

[OB-GYN]

I believe US job creation should be in the manufacturing sector as in years past. I support infrastructure jobs too due to its known breakdown and to allow the much needed "green" challenge to be met. With a dramatic increases in these work sectors, spending in certain service sectors will occur (food, IT) to better support them. Balance is sectors should be our goal.

[oneblackvote]

High speed rail would be great. To get from coast to coast in 8 hours would be great. LA to Las Vegas in less than 2 hours would be nice. The freight trains dominate the tracks and they also own most of the train tracks in America. We will have to build new innovative train tracks for high speed rail service. We can do it.

[openlids]

i agree...it could also be good for transporting goods,,,postal service...­things like that.

i voted for the high speed rail to be built here in CA.

[politicalminded]

I definitely support High Speed rail. Not the crap we have now called Amtrak. Lord knows Amtrak needs total overhaul.

[walktothelight]

Show me the Money, I'm all for Change but like big bucks better.

[rhondadavis28]

Obama, thank you-way to keep us informed!

We had meetings across the nation on Thursday..­.>>>>

Check the link below:

http://www.flickr.com/photos/moveon/sets/72157609648286988/show/

and another:

http://pol.moveon.org/obama/hopeforum/

[mcantwell]

I wonder how long it will take Obama's team to go through the entire budget and programs to eliminate all of the wasteful spending and streamline everything to run more efficiently?

[SammyD]

2.5 million That takes care of some of the illegal workers in this country. So where are the jobs for the Americans?

[topkatnc]

Good point .

[amistad]

The point being?

[IBOAT]

Laws are in place. Demand justice from your right wing employers. From there demand justice for FIXED news -- hannity and O'Reilly. Remember the Rich are more Wealthy than ever.

[IBOAT]

So in another words quit crying and blame you employer for their own greediness and lack of management. I must say many employers (AKA WallStreet) in the front office have become very lazy and put it all off to cheap labor which the GOP are more than willing to exploit.

[KAL4Obama]

karma namdak said...
Look, here's the reality that none of you guys will acknowledge: it is NOT to the advantage of the wealthy to destroy our economy! We go down, they go down. There's no disconnect there, us much as you might want to believe there is.

The reality is, the banks have already made their money. They make money by creating debt. The more debt “we the people” create...t­he more money they make. And when there are no more people to make more debt...or when the people who have the debt can’t pay, the system collapses. So they close up shop for a while (aka credit squeeze) until they find a new batch of people to make more debt. They can’t make money (aka interest, stocks, futures, derivatives, mortgage-backed securities etc.) until we make debt (aka mortgage loans, car loans, student loans, credit card debt etc.)

Try reading
The Web of Debt: The Shocking truth about our money system and how we can break Free, by Ellen Hodgson Brown, J.D. or

Money: Understanding and creating alternative to legal Tender, by Thomas Greco, Jr

[topkatnc]

It is true. If we go down , they go down. We have to help the auto makers. We are talking about losing 2 to 3 job million jobs. I'm happy that gas has gone down . $1.99 a gallon . I could not believe it ! If everything halts, we are in trouble.

[KAL4Obama]

So the point I was making was that “an act of Congress” created the “Fed” which allows the Federal Reserve bank to create money out of thin air and charge us interest for it. Even the federal government has to get a loan from the “Fed” to meet its budget and guess who pays the interest on that loan...it’­s called taxes. At some point the government won’t be able to collect enough taxes to pay for the interest on the loans to the “Fed”.

There should be another “act of Congress” to abolish or take complete control of the “Fed”. By taking control of the creation of money, the government can charge much lower rates for debt or issue debt-free loans and focus monetary policy on the economy that has the biggest need (e.g. paying for Obama’s 2.5 million job creation plan, or $25 billion loan to the auto industry).

BTW – by the federal government taking back the control of money creation from the privately held Federal Reserve, the government can pay off the national debt (which is now over $10 trillion). Consequently, reduce the tax burden on the American people, because it won’t need it to pay for the interest on the debt that it was paying to the Federal Reserve.

[sociocanuck]

If even just one of those jobs has anything to do with healthcare information technology, I might just have to move to take advantage of the position. I have first-hand experience with the kind of healthcare system that I'm sure Obama and his sec. of health would like to emulate - eventually. In some small way I'm sure I can help.

[Ged2012]

Make environmental science a basic course offered in the Elementary and High School side-by-side Math, Reading, Languuage, and the regular Science subjects.

It would be great to open teaching jobs to educate adults, especially blue-collared workers, on environmental protection, since they did not have the chance to learn about it decades back.

[noneIn2008]

You mean another government indoctrination program. They can push whatever idea is in vogue that year. Or how about teaching the basic scientific method so people can interpret through all the garbage force fed to them?

[SammyD]

how many decades back? When do you think environmental protection began? Perhaps you should return to school and learn about the past few decades.

[Shieldmaiden]

Can Obama just be president now? Please?

[HappyIdiot51]

I agree. Time is a wastin' and so is the economy.

[OB-GYN]

This would take a Constitutional Amendment, for which there is no time. Something to consider in the short term future perhaps?

[AtheistUS]

Bush must do now the least he can do for the country: Resign immediately (Cheney is included of course).

[norkas]

Barak Obama will give tax breaks to sloar plants so they can get on the grid throut America.

There will be tax incentives for companies selling or leasing solar panel to homes and office building. If you all would google new solar power technologies and solar power plants you will be shocked that this is now not later.

Smart business and the a holes on wallstreet will have investers ruunig towards these companies and millions of good paying jobs will come out of this technology . This will move fast and even in the next several months if Barak Obama will support tax credits and suppot for the grid now and not later.

Please suppor this massive effort by the already up and developed solar comapnies and new ones by writting you congressmen and women and senators now.

[Cherubim]

"Encourage wind and solar farms, extend the renewable energy production tax credit and encourage the distributed generation of renewable energy at homes and businesses.

Weatherize 200,000 homes to reduce energy use and costs and convert schools, hospitals and local government buildings to energy-efficient green buildings.

Train workers to fill new "green collar" jobs in clean energy businesses and create temporary Stepping Stone jobs for workers who cannot find other employment.

Support energy-efficient transportation options such as light rail, bus projects and parking lots near existing mass transit stations, prioritizing those projects that can get started within 90 days.

Help low-income families heat their homes through the LIHEAP program."
http://www.johnedwards.com/news/headlines/20071222-stimulus-plan/

[CheshireCat2]

Put down the Martini glass and we'll see you tomorrow.

[fiorastar]

Cheney first.

[GayGrandpa]

DON'T EVEN GET ME STARTED!

[Dayahka]

We don't need immediate action so much as we need thoughtful and productive action. This plan is neither thoughtful nor productive. We have an aged electric grid that cannot support the present needs for the distribution of electricity; it has been subject to breakdowns and massive swathes of the country have been subject to blackouts; any storm in any part of the country is likely to leave many thousands--if not millions--without electricity for days, weeks and even months on end. And here Obama is calling for electric cars, yet another burden on electricity from a grid that is falling apart. Then we need a water distribution system; our pipes throughout the country are falling apart. Then we need a decent system of food distribution that doesn't depend on those massive trucks and huge amounts of oil that may soon be unaffordable. Energy, food, and water; these are three essentials without which there can be no economy and no decent life--and this guy is proposing to patch up bridges and roads. Give us a break! Let's get some decent brainpower in the economic team.

[amistad]

You would be a great start!!!! NOT!!!!

[cinemabon]

Can't we put him to work for us now?

[rockyb26]

i'm so glad he's doing these adresses. i hope this is a permanent fixture in his administration.

[HappyIdiot51]

Me too.