Obama Getting Briefed By Volcker On Stimulus Plan's Effectiveness

WASHINGTON — President Barack Obama on Friday acknowledged that many families are suffering "incredible pain" from the economy but said his government is on a daily campaign to get credit flowing and build a long-term recovery.

"If we are keeping focused on all the fundamentally sound aspects of our economy _ all the outstanding companies, workers, all the innovation and dynamism in this economy _ then we're going to get through this," Obama told reporters in the Oval Office. "And I'm very confident about that."

Obama spoke after meeting with economic adviser Paul Volcker and members of his business advisory board. The president largely recapped his agenda of trying to stimulate the economy, shore up banks and deal with home foreclosure.

He said more help will be announced soon for small businesses, but did not elaborate.

Pushing a big agenda for health care, energy and education, Obama said he was seeking a "post-bubble economic growth model."

"The days when we are going to be able to grow this economy just on an overheated housing market or people maxing out on their credit cards, those days are over," he said.

The president spoke on the same day that his top economic adviser, National Economic Council Director Lawrence Summers, said that the economic crisis has led to an "excess of fear" among Americans that must be quieted to reverse the downturn.

Asked to elaborate on Summers' point, Obama pivoted optimistically to the "undiminished capacity" of American workers, businesses and universities.

"We've got to get through this difficult period," he said. "And, look, there are a lot of individual families who are experiencing incredible pain and hardship right now. If you've been laid off at your job, if you've lost your home, then, you know, right now is very tough. But we're providing help along the way."

Comments

[Davonne Rushing]

Let's get 'er done Mr. President, you have my support!

[Oregondemo]

President Obama makes me proud every single day.

He has class, brilliance and credibility.

I believe in our President 100%.


Those who can do, those who can't criticize.

[sistatolljaso]

how 'bout this to delight everyone, behold the Obama Clock.
Take heart, dear ones, it'll pass before you know it.
It links here:

http://obamaclock.org

[joanVA]

I see signs of the stiumulus already working in the way the local papers don't write as much about teachers being laid off and services being cut. Sure, there are still lay-offs but I think Obama has got the economy going again. Give him a chance, America!

[movecenter]

We really have an impatient culture. It's only been 1 month since the Stimulus bill passed. President Obama's economic plans will succeed, but it will take a year or so, as he suggested.

[DeeOne1]

I think Obama will pull through and Succeed

http://www.TheCommentDepot.com

[EddieG3]

I have complete faith in President Obama. President Obama is trying his utmost to find and apply measures to stablize our economy. He is a man of vision. He realizes that the root causes for the mess we're in must also be addressed. The cost of healthcare has overwhelmed millions of us. Many have lost their health, their jobs, their homes, cars, relationships, and even their lives because of the high cost of healthcare. Too many of our young people have not been able to go to and/or finish college because of finances, theirs and/or their parents. We have future scientists, economists, doctors, nurses, etc. that will not be able to manifest this reality because they will not be able to go to school for the training necessary. In this critical time of so many lost jobs, many adults need retraining for current or developing jobs. We depend on energy from countries that don't like us. They can tighten the screw on us anytime they want, like they have done in the past. I have complete faith in President Obama. He is the best choice we could have made. I do not believe that any of the other presidential candidates would have had the courage to steer our country from the course of destruction that we have been on. They would have been thinking about the future of their jobs rather than the good of our country. Now, we have hope. I have complete faith President Obama.

[ssmack]

In response to your health care comment...

The WHO estimates that there are 25,000 unnecessary deaths a year in the UK because of under-provision of care of the NHS (National Health Service). Is this the system you want?

How about Canada? How does 18 weeks for treatment suit you? How many will die waiting for treatment?

"Canada-wide waiting times for surgical and other therapeutic treatments increased slightly in 2007. Total waiting time between referral from a general practitioner and treatment, averaged across all 12 specialties and 10 provinces surveyed, increased from 17.8 weeks in 2006 to 18.3 weeks in 2007." -- Fraser Institute

http://prairiepundit.blogspot.com/2009/03/life-and-death-with-rationed-health.html

[EddieG3]

President Obama no longer advocates "single payer" health insurance where the government is the sole provider. He wants Congress to look into all health insurance sources to find a way to make available health insurance to as many people as possible, at the lowest cost possible, allowing the individual the choice of their own healhcare providers. This would especially help the uninsured and the underinsured in this country.

[Rober]

You are cherry picking your data. Wait times for elective treatments in Canada are a result of maximizing resource use. It's why the Canadian system costs less than the US system and delivers, on average, more. Moreover, treatment priority is decided by doctors who are treating patients and the more critical the need the sooner treatment occurs. Finally, on this point, just how long do 46 million uninsured and countless under insured Americans have to wait for treatment? When I was taught how to average numbers I learned that when infinity was involved the answer was always infinity. I suspect that a comparable study of US wait times that include all Americans, as the Canadian study does, would produce average wait times far in excess of Canadian wait times.

You might also be interested to learn that a recent survey found that an overwhelming majority of Canadians prefer their health care system and would not be willing to adopt the US system.

[sonoffestus]

ssmack,...If you're out of a job you can always get a job cherry picking. I am an American living in Canada and have experienced both systems. The Canadian system is far superior to the US. Yes, their are problems, but there are many problems in the US as well. Should I cherry pick a few for you?

As for the Fraser Institute, HAAAAAAAAAAAAAA! Just another neocon think tank.

Can you see your doctor the day you call him? Is a 10 min. wait at the ER too long for you? Is a day to long to wait for a CT scan? Is $38.00 (US$) per month too much to pay? If you need something imediately you get it here and it is affordable. If its not life threatening you may wait. I am so happy to have left all the stupidity and ignorance behind.

[Politisizer]

I think you're on ssmack. Here's the stats for the uk / usa (from W.H.O.)

Statistics: USA

Total population: 302,841,000
Gross national income per capita (PPP international $): 44,070
Life expectancy at birth m/f (years): 75/80
Healthy life expectancy at birth m/f (years, 2003): 67/71
Probability of dying under five (per 1 000 live births): 8
Probability of dying between 15 and 60 years m/f (per 1 000 population): 137/80
Total expenditure on health per capita (Intl $, 2006): 6,714
Total expenditure on health as % of GDP (2006): 15.3

Statistics: UK

Total population: 60,512,000
Gross national income per capita (PPP international $): 33,650
Life expectancy at birth m/f (years): 77/81
Healthy life expectancy at birth m/f (years, 2003): 69/72
Probability of dying under five (per 1 000 live births): 6
Probability of dying between 15 and 60 years m/f (per 1 000 population): 98/61
Total expenditure on health per capita (Intl $, 2006): 2,784
Total expenditure on health as % of GDP (2006): 8.4

So we spend nearly twice as much as % of GDP (and nearly 2.5x more in actual money terms) and we have worse results in all areas... Good example.... NOT.

[bigbluenat4]

you always post the same stuff, yet when it is refuted you have nothing to say, are you just a drive by poster?

[rblaquinta]

Ditto!!!

[Oregondemo]

100% agreed.

GOBAMA - GREAT JOB.

[WinterParkMom]

My employees are seeing their savings in their paychecks already Mr. President.

[ssmack]

Gee, what are they going to spend their $8 on? 4 gallons of gas, maybe? What a joke!

[bigbluenat4]

So wait, they get more money, yet your still not happy? so no matter what Obama does you are just going to whine and complain? The economy could go back to peaches and cream yet you would still not be happy....sad little person....

[Wiseronenow]

The Rethug's must be 'really' dim-witted. Now, we are starting to see the economy turning around and they think there is no correlation between the STIM plan and the monies now being used from that? And, when a majority of the Republicans refused to even read the plan, it is further insulting to Americans how little they care for this country.

[ModeratePoliticalJunkie]

Rethugs are saying the Stimulus package did not work. The money is just starting to be spent. Are we stuck in INSTANT GRATIFICATION MODE??????­??????????­??????????­????????

[eden4barack08]

Yeah..give it to me before you even gave it to me.

[alreadyfamous]

I too have faith in President Obama.

[ssmack]

You're part of a dwindling group.

"Mr. Obama has lost virtually all of his Republican support and a good part of his Independent support, and the trend is decidedly negative," they wrote. "The reason for this decline most likely has to do with doubts about the administration's policies and their impact on peoples' lives."

http://www.foxnews.com/politics/first100days/2009/03/13/obama-hunkers-advisers-financial-jitters-grow/

"Polling data show that Mr. Obama's approval rating is dropping and is below where George W. Bush was in an analogous period in 2001" ... "data shows that Mr. Obama's net presidential approval rating -- which is calculated by subtracting the number who strongly disapprove from the number who strongly approve -- is just six, his lowest rating to date."

http://online.wsj.com/article/SB123690358175013837.html

[amistad]

Yeah!
Let the GOP come back to power!
I mean, they were in power for 8 years and look how well that turned out!!!
No wait....Bush and the GOP are responsible for this mess in the first place.....
What were you saying?

[jwredd]

"The reason for this decline most likely has to do with doubts about the administration's policies and their impact on peoples' lives."

Or maybe it has something to do with a right-wing propaganda campaign against anything outside of their extreme idealism.

[Jamie Kowalski]

I'd like to know in what universe 62-27=6.

See Gallup poll for *today*, March 13.
http://www.gallup.com/poll/113980/Gallup-Daily-Obama-Job-Approval.aspx

[widdles]

"Mr. Obama has lost virtually all of his Republican support and a good part of his Independent support, and the trend is decidedly negative," they wrote. "The reason for this decline most likely has to do with doubts about the administration's policies and their impact on peoples' lives."

You are quoting from Faux News and expect anybody to take their words as truth/fact?

So then you go and quote WSJ?

"Polling data show that Mr. Obama's approval rating is dropping and is below where George W. Bush was in an analogous period in 2001" ... "data shows that Mr. Obama's net presidential approval rating -- which is calculated by subtracting the number who strongly disapprove from the number who strongly approve -- is just six, his lowest rating to date."

WSJ, owned by (Australian) Rupert, ultra-conservative who could care less about the common man as long as he gets his?

Are you for fvcking real?

Now do some research and find a reliable news source that says the same thing and then get back to us.

[eden4barack08]

You should know better by now, than to quote Mu.rdoch propaganda and expect credibility here. Don't you ever learn anything?

[schicklett3]

The stimulus will work soon as its put into effect....the omnibus bill will also work soon as it's put into effect.
Wait and see.

[cruisepuppy7452a]

While I am confident in Obama, I have zero confidence in his stimulus package. Why? Obama is getting led by the nose by idiots. The advice he has gotten so far has been horrendous. He isn't paying attention to the needs of the people, and is hellbent on pleasing republicans and centrists. Ya can't do that in this kind of climate. People first, politics second. He needs to do a line item veto of all the pork in the budget, placing that money into a fund for healthcare here and abroad. He needs to end the war asap, giving us if not a surplus, certainly enough to get us back on track. There are not enough jobs created in that plan, no healthcare at all, nothing to help those losing house and home. NADA. Go back to the tables and redo it. The public cannot wait much longer, we are on life support as it is. Must we flat line before anyone pays attention?

[DJ23]

cruisepuppy7452a:
"He needs to do a line item veto of all the pork in the budget, placing that money into a fund for healthcare here and abroad."

The money in the omnibus budget for the earmarks will not be saved by eliminating the earmarks, or "pork" as you call it, from the budget.

Earmarks direct the money to a specific district or project.

The money will still be spent.

[veteran1964]

Eight years ----------­-------EIG­HT FRIGGIN YEARS-----­----------­-We have been put in this situation and you IMPATIENT PEOPLE EXPECT OBAMA AND HIS STAFF TO FIX ----------­-----EIGHT YEARS-------OF PROBLEMS IN 60 DAYS? TAKE YOUR DAMN IMPATIENCE AND SHOVE IT..............
WHERE IN THE HELL WERE ANY OF YOU DURING BUSH'S TERM AND YOUR BLOGS ABOUT HOW HE IS DESTROYING OUR CONSTITUTI­ON........­..........­..I GUESS YOU WERE JUST HIDING IN YOUR ROOMS WHILE RUSH LIMBAUGH WAS RANTING ON ABOUT HOW GOOD WE HAD IT.

MY GOD PEOPLE.......THIS IS NOT GOING TO BE FIXED IN 60 DAYS......­..........­.....IF YOU WANT TO RANT AND RAVE, GET OFF YOUR RECLINER AND GO TO EVERY CEO AND EVERY BIG CORPORATE GIANT AND CUSS THEM OUT......GO TO YOUR BIG BANKS AND CUSS THEM OUT......60 DAYS DOES NOT A RUINED ECONOMY GROW BACK!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!!!!!!!!!!­!! OR, GO STUDY MICROECONOMICS AND MACROECONOMICS OR EVEN JUST A BASIC ECONOMICS COURSE AND SEE IF YOUR MINOR MINDS CAN UNDERSTAND ONE IOTA OF IT..............

[sonoffestus]

Right On! I said before our President was elected his biggest problem would be the ignorance and impatience of the American populace. Years ago the head of Toyota or was it Sony(?), anyway, he made the statement that America was a nation of spoiled people. Americans were outraged. Well, he was absolutely correct . The Nation needs to grow a pair.

On a different note, veteran196­4.........­... Thanks for your service.

[youngat80]

Cruisepuppy: Your post suggests to me that your definition of ASAP is yesterday. I and many others define As Soon As Possible as initiating a plan of action that may take a few months to accomplish.
Please be patient -- don't change things before they have had time to work. So far, President Obama has initiated programs in keeping with his campaign promises, I have confidence that he will continue to address the problems that remain in like manner.
IMO, those persons who actively offered solutions when the problems were created during the Bush administration are the ones who have earned the privilege of actively commenting on the solutions that the Obama administration offers.

[pammygamherst]

cruisepuppy, as much as we'd all like to see our soldiers come home the war cannot be ended immediately. it will create a huge vacuum in which iran would probably take advantage of. there isn't pork in it. i don't understand why it's all called pork. it's the duty of congress to secure funds for their districts for worthwhile projects. do some get thru that are bogus? yes, but i think obama will tighten down on that.
a stimulus package was not the proper place to include healthcare. how healthcare will be revamped is an on-going process and i don't think legislation is remotely ready to be introduced yet. the stimulus package is creating as many jobs as possible and obama just announced how those having difficulty making their mortgage payments will be helped.
it's not going to happen overnight even though we would all like it to. the stimulus package is going to take several months before it has an effect on the economy. be patient...we all have to be even though we're all scared and worried and frustrated. things will change as i have complete faith in president obama

[pollyannish]

He can't do a line item veto because he doesn't have that authority he could have vetoed the whole omnibus bill thereby causing congress refight last year's battles underfunding departments for the coming year all to satisfy the false idea that all earmarks are bad.

[jimrs6]

Here's the briefing: "It's not."

[Politisizer]

Obama made a mistake picking Volcker as chairman of the board - he obviously should have picked you for your amazing indepth analysis. Thanks for the update - I'll catch your next update on C.NN.

[veteran1964]

OK You Republican RANTERS...­....Bush's GIANT TAX CUTS FOR THE RICH are still in effect.....THE LARGEST CEO tax cuts in history will not end for another year or so......WHAT IN THE HELL HAVE THEY DONE FOR AMERICA? NOTHING! So your Republican ideas about tax cuts fixing the economy DO NOT WORK. How does our government pay bills or salaries with massive tax cuts given? That puts us in worse shape......Where was the MSM for EIGHT LONG YEARS and their scrutiny of BUSH every single second like they are on Obama? Where were they? Sitting on their buffs believing every single word a Republican said.....Fake wars, Constitutional violations, PHONE TAPS TO YOUR FRIGGIN HOMES FOR NOTHING...­..........­.ELECTRICA­L KILLINGS, LOST MONIES IN IRAQ......­..........­......45 MILLION...­..........­........DO YOU KNOW WHERE IT IS? TALK ABOUT WASTE!!!!! So, if you want to grumble.....GRUMBLE ABOUT THAT.....Also if you want to BEATCH, take a trip up to our FAKE stock market and CUSS A FEW THOUSAND OUT FOR CHEATING AND LYING AND PUTTING US IN THIS MESS.

[johnu1974]

it's not working YET because it was just implemented you half wit!

[jubei]

Iam proud In our new president and iam also proud of Paul Volcker and Peter Orzag as well