Obama: ‘It’s Like the American Dream in Reverse’
EmailPresident Obama this morning responded to the news announced by the Commerce Department that economy sank further in the last quarter of last year, saying it was a symbol of the suffering of the American people constituting "the American dream in reverse."
"Today we learned that our economy shrank in the last three months of 2008 by 3.8 percent," the president said at an event in the East Room of the White House. "That’s the worst contraction in close to three decades. This isn’t just an economic concept. This is a continuing disaster for America’s working families."
The president said that "every day it seems there is another round of layoffs, another round of jobs lost and families’ lives turned upside down." During the campaign, Mr. Obama said, voters all over the country "told me about jobs lost and homes foreclosed, hours cut and benefits slashed, the costs of life slowly slipping away and — chipping away at the hopes of affording college or a new home or retirement. It’s like the American dream in reverse."
The East Room ceremony had been called to formally announce the creation of a Middle Class Task Force, headed by Vice President Biden, and for President Obama to sign three labor-related executive orders.
But President Obama also took the opportunity to herald the stimulus package making its way through Congress as part of a solution to the economic quagmire.
"I hope we can strengthen it further in the Senate," the president said of the bill. "What we can’t do is drag our feet or delay much longer."
– jpt
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Within the recent history of the past year, I remember Hillary Clinton being the first to sound the alarm on the economy and to advocate for the middle class during her campaigning. I can’t help but observe that when a highly visible woman makes an early and astute observation, she’s not acknowledged or given credit.
Posted by: kathy | January 30, 2009, 1:41 pm 1:41 pm
I do not believe that Obama cares about the average American. He will use the politics of fear when it suits his interests.
Remember during Obama’s campaign when he promised to cut all the pork from proposed bills? Liar!
Did he even READ the porkapaloosa bill that the Dems
are pushing through? Most of it is just a big “thank you” to groups who got Obama elected. Hardly any of it helps the average American. Next to none of it stimulates the economy.
Maybe Obama needs to get to work a little earlier and read thoroughly all proposed legislation. Right now Obama is arriving a full 2 hours at the office later than Bush.
Posted by: Michelle | January 30, 2009, 1:56 pm 1:56 pm
Obama spent that entire quarter talking down the economy- why is he wondering that it effected consumer confidence and spending?
And the first thing that the Middle Class Task Force might consider is that that cap on medicad/ssn taxes is therefor a sensible reason. If they are going to pretend that SSN is an annuity system, there is no reason to gouge the middle class for benefits we are never going to receive. SSN wage cap should go back to $80K, otherwise its a stealth tax increase.
Posted by: BertieW | January 30, 2009, 2:01 pm 2:01 pm
“I can’t help but observe that when a highly visible woman makes an early and astute observation, she’s not acknowledged or given credit.” Kathy, you can always thank mostly discrimination from other women in typically choosing less experienced men over accomplished women any day. The major factors in keeping women down career-wise mostly are other women.
Posted by: James | January 30, 2009, 2:06 pm 2:06 pm
bush, in his suit and tie, showed up two hours earlier than obama for work and proceeded to screw this country to death.
with the economy right now, and what is going on it gitmo right now, is the last sigh of the last bad eight years nightmare. which was George W. Bush.
Posted by: WHAT! | January 30, 2009, 2:06 pm 2:06 pm
Maybe Obama needs to get to work a little earlier and read thoroughly all proposed legislation. Right now Obama is arriving a full 2 hours at the office later than Bush.
__________________________________________________
LMAO! Bush arrives at the Oval Office by dawn but, leaves by 6 p.m. and goes to bed by 10 p.m. Dinners out are extremely rare.
Obama stays up late. He holds conference calls with senior staff as late as 11 p.m., and often reads and writes past midnight.
And in 10 days alone, Obama stopped by a Senate cocktail party, dined out with foreign policy leaders, and made visits to local Washington institution places of interest. He stayed out until 9:30 p.m. Tuesday at a dinner with conservative columnists, hosted a cocktail party for some lawmakers, etc, etc……….
Posted by: Paige | January 30, 2009, 2:12 pm 2:12 pm
And he spent the rest of today paying back the Labor Unions that do nothing but bankrupt companies while preying on ignorance. There was a time for Unions but that has passed, we have labor laws in place to represent the workers.
Instead of reversing what Bush did, he needs to bring something new to the table besides “pork” filled stimulas packages. He has no clue what the average worker or business’s need and he has only community organizing on his resume. Unions get rich, workers get nothing!!!!!
Four years of this and there will be nothing left of America!!!
Posted by: HH | January 30, 2009, 2:14 pm 2:14 pm
he needs to bring something new to the table besides “pork” filled stimulas packages. He has no clue what the average worker or business’s need
______________________________________
What did the Republicans bring to the table besides tax cuts? What were their ideas?
Posted by: Paige | January 30, 2009, 2:16 pm 2:16 pm
BertieW: “Obama spent that entire quarter talking down the economy- why is he wondering that it effected consumer confidence and spending?”
Wow, what a guy – as a mere candidate Obama single handily created this recession, which started over a year ago in December of 2007, by “talking down the economy.”
“SSN wage cap should go back to $80K, otherwise its a stealth tax increase. ”
When was the SSN wage cap ever $80K? Oh, just looked it up – under Clinton’s last economic year (2000). Interesting. So in your world inflation does not exist and everything should cost the same as in 2000?
Posted by: jhw539 | January 30, 2009, 2:16 pm 2:16 pm
Paige: “What did the Republicans bring to the table besides tax cuts? What were their ideas?”
Heck, they can’t even define ‘pork’ and ‘stimulus.’ It’s amazing how many mindless followers are repeating meaningless catch phrases. By most definitions, pork and stimulus spending by the government are the same thing.
Posted by: jhw539 | January 30, 2009, 2:20 pm 2:20 pm
Where’s the soaring rhetoric offering us hope? President Obama needs to get a grip on his emotions and be a leader.
Posted by: EnoughChange | January 30, 2009, 2:30 pm 2:30 pm
“Wow, what a guy – as a mere candidate Obama single handily created this recession, which started over a year ago in December of 2007, by “talking down the economy.” ”
Pretty disingenuous. I didnt say he caused the recession- he, plus his billion dollar sush fund ad budget, spent the quarter- which had very negative growth- telling everyone how bad things were. And consumer confidence fell.
“When was the SSN wage cap ever $80K? Oh, just looked it up – under Clinton’s last economic year (2000). Interesting. So in your world inflation does not exist and everything should cost the same as in 2000?”
Whats the rationale for it being uncapped? The probability of their being any money there for the middle class goes down every year. Yet the social security wages taxed have gone up nearly $26K in that time.
That is a definite burden on the middle class being imposed by the government that the Task Force should look at.
Posted by: BertieW | January 30, 2009, 2:32 pm 2:32 pm
Hopefully things the stimulus will get better, add more infrastructure and move quickly through the senate. I would like to think Senate Republicans won’t be as useless as their House counterparts.
Posted by: Livvy | January 30, 2009, 2:33 pm 2:33 pm
Right now Obama is arriving a full 2 hours at the office later than Bush.
Posted by: Michelle | Jan 30, 2009 1:56:08 PM
++++++++++++++++++++++++++++++++++++
We will probably hear that he has
decided not to show up for work at
all. Will return when he is in the
mood. He doesn’t care about us.
Posted by: Mildred | January 30, 2009, 2:34 pm 2:34 pm
There was much criticism of Bush for rushing the Bailout through by preying on our fears, and rightly so.
Now Obama is rushing this highly flawed Stimulus through by preying on our fears.
Two wrongs don’t make a right.
Posted by: marylou | January 30, 2009, 2:35 pm 2:35 pm
LMAO! Bush arrives at the Oval Office by dawn but, leaves by 6 p.m. and goes to bed by 10 p.m. Dinners out are extremely rare.
Obama stays up late. He holds conference calls with senior staff as late as 11 p.m., and often reads and writes past midnight.
And in 10 days alone, Obama stopped by a Senate cocktail party, dined out with foreign policy leaders, and made visits to local Washington institution places of interest. He stayed out until 9:30 p.m. Tuesday at a dinner with conservative columnists, hosted a cocktail party for some lawmakers, etc, etc……….
Posted by: Paige | Jan 30, 2009 2:12:24 PM
+++++++++++++++++++++++++++++++++
Paige….are you stalking this guy?
With all this info, makes me wonder
huMMMMMMMMMMMMM
Posted by: Mildred | January 30, 2009, 2:38 pm 2:38 pm
Paige….are you stalking this guy?
With all this info, makes me wonder
huMMMMMMMMMMMMM
_______________________________________
It’s called the news.
Posted by: Paige | January 30, 2009, 2:45 pm 2:45 pm
The economic news is dire.
As a candidate, Obama had nothing good to say about our economy of the last 20 years. Remember how he criticized even Clinton’s economy?
So, I don’t really expect him to say anything positive until he’s had a chance to get some credit for it.
Posted by: MayBee | January 30, 2009, 2:46 pm 2:46 pm
I’m sure glad Obama is so positive and uplifting. Otherwise ,I might be depressed.
Posted by: Rasputin3.14 | January 30, 2009, 2:53 pm 2:53 pm
We only hope our Greatest Smartest Leader has the gall to understand his mistakes – money giveaways, or “economic stimulus” that he promoted 1 and 1/2 years ago, when he ridiculed his now SOS’s correct solution to use that money to target banks and homes.
He tanked the economy to get elected by the first “economic stimulus”. Now, to fulfill his campaign bribery of “$1000 for everyone who voted for him”, he is promoting yet another money giveaway, excuse me, “economic stimulus”. How long is he going to prolong the recession by promoting deeper national debt?
Posted by: skinny dog | January 30, 2009, 3:03 pm 3:03 pm
“He (Obama) tanked the economy to get elected”
____________________________________
Right. Oh sure. You bet.
Posted by: pefros | January 30, 2009, 3:07 pm 3:07 pm
“We will probably hear that he has
decided not to show up for work at
all. Will return when he is in the
mood. He doesn’t care about us.”
After the vacation President?
Your hero Bush spent a full third of his two terms on vacation including month each before both 9/11 and Katrina.
Posted by: Ryan C | January 30, 2009, 3:23 pm 3:23 pm
“BertieW: “Obama spent that entire quarter talking down the economy- why is he wondering that it effected consumer confidence and spending?”"
By this logic, Bush was responsible for the recession of 2000 because he & Cheney constantly talked about the coming recession.
Posted by: Ryan C | January 30, 2009, 3:25 pm 3:25 pm
“Your hero Bush spent a full third of his two terms on vacation including month each before both 9/11 and Katrina.”
————————————
Ryan C,
Hmm….sounds like you have the makings of a book there! Remeber to include the part about the alien abductions too !
Posted by: Mike_C | January 30, 2009, 3:57 pm 3:57 pm
“yeah, we’re corrupt, but so are the Republicans.”
______________________________________
The liberal media is evil. President Obama is evil. The Democrats are evil. Liberals are evil.
In fact the only people in the world who aren’t evil are right wing Republicans.
Posted by: pefros | January 30, 2009, 3:57 pm 3:57 pm
Two million people took to the streets of France to protest against their governments handling of the economic crisis – and you dodo birds are stupid enough to blame it on Obama, whose been in office for less than two weeks?
Get a brain.
Posted by: pefros | January 30, 2009, 4:01 pm 4:01 pm
At least Obama is being honest about what his policies are going to do.
Posted by: Bubb | January 30, 2009, 4:08 pm 4:08 pm
I do feel better now though, after all we now have JOE BIDEN to define the middle class for us and then solve all our problems!
From what i have read about this task forace so far, there are no plans to actually include people from the middle class in it!!!
Any idea on how much money is going to be spent by this task force?
Posted by: Mike_C | January 30, 2009, 4:10 pm 4:10 pm
I would rather have a president who is honest about the facts in front of us than one who ignores the facts or underestimates their impact on us.
True the news on the economy isn’t good but we have to know where we are to figure out how to get out of this mess.
For years Bush told us the economy was just fine while more and more Americans lost jobs and had to settle for lower paying ones. Mulitiply that by a few million and any country’s economy would start to tank. Then mix in greedy bankers selling lousy securities as if they were A+ and there goes the economy downhill.
We need good-paying jobs, affordable health care and health education(diabetes and obesity is epidemic and will bankrupt any medical system) so folks stay healthy, and tight regulation of any bank or investment firm. And if you want to lower prices for everyone without hurting workers, cap CEO salaries at 15 times their lowest paid worker and watch how affordable our goods become. Japan and a few other countries do it to control the greed at the top. How else do you stop the millions in salary raises and bonuses that hurt every American indirectly with higher prices or lower worker pay and benefits?
Posted by: Lydia | January 30, 2009, 4:19 pm 4:19 pm
So Barney Frank had NOTHING to with all the toxic loans that got issued?
Larry Summers had nothing to with bank deregulation?
Peloisi & Reid had nothing to do with the TARP bill that had no oversight implementation before the monies were handed out?
Giethner Had nothing to with helping AIG and Citigroup geting bailout money that we cant account for now ?
Posted by: Mike_C | January 30, 2009, 4:21 pm 4:21 pm
wow perf, your description makes the democrats (who did by the way obstruct multiple efforts by Bush & the republicans to add regualtion to Freddie/Fannie from 2003 on) like the ultimate wimps of all time. In your version of history they were just running around Washington wetting their pants for 6 years! Then Obama shows up & these same little jellyfish all of a sudden have all the answers with TRILLIONS & TRILIONS of more spending!
Posted by: Mike_C | January 30, 2009, 4:27 pm 4:27 pm
“For years Bush told us the economy was just fine”
Guess he was a little off on that one.
Posted by: pefros | January 30, 2009, 4:29 pm 4:29 pm
Yes Mike, Bush and the Republicans controlled the Presidency and Congress for 6 straight years. If putting limits on the banking and loans industry was so important to them – they should have gotten something accomplished.
Unfortunately, like McCain who famously declared ‘the fundamentals of the American economy are STRONG’ . . . they were asleep at the wheel.
Posted by: pefros | January 30, 2009, 4:33 pm 4:33 pm
The Republicans made NO serious effort to regulate Freddie or Frannie. This is an old line from the election. The Democrats passed regulations within six months of gaining control in 2006.
Posted by: Skip | January 30, 2009, 4:34 pm 4:34 pm
It’s the same with the trials of the ‘terrorists’ in Guantanamo. Bush and his administration had over 5 years to get the ‘obviously guilty’ tried and convicted.
They failed. The Bush administration did not bet it done.
The incompetence of the Bush administration has resulted in a complete mess for the United States.
It will take a lot of work to dig the country out of the mess created by the Bush administration.
Posted by: pefros | January 30, 2009, 4:37 pm 4:37 pm
Well Mike, explain history to us instead of trying to re-write it. Tell us how the Democrats stopped the Republicans from passing these badly needed regulations when they had control of the House and White House. The fact is that the Republicans were firmly against regulation.
Posted by: Skip | January 30, 2009, 4:55 pm 4:55 pm
Mike C, you go right ahead and deny the Bush administration’s role in creating the very serious mess the country is in.
Posted by: pefros | January 30, 2009, 4:57 pm 4:57 pm
“who did by the way obstruct multiple efforts by Bush & the republicans to add regualtion to Freddie/Fannie from 2003 on”
Was there a fillibuster?
The GOP held the chairmanships and majorities in both houses.
All you have is a party line vote in a house comittee that the GOP won but then wussed out.
I guess they wanted to bee seen as doing something while letting their buddies continue to rip off America. They then had the gall to blame poor minorities for the situation they wanted; little oversight or regulation.
Posted by: Ryan C | January 30, 2009, 5:13 pm 5:13 pm
“Tell us how the Democrats stopped the Republicans from passing these badly needed regulations when they had control of the House and White House”
There was a party line vote in committee that the GOP won.
They then wussed out on putting up for a vote before the whole house.
Why? Probably because they had no intention of doing any regulation, they just wanted to hit Fannie/Freddie as a political target.
Posted by: Ryan C | January 30, 2009, 5:15 pm 5:15 pm
Thank you Ryan. I admit I don’t follow all the details.
Posted by: Skip | January 30, 2009, 5:37 pm 5:37 pm
Try reading it again OH, it’s pretty clear . …
__________________________________
“who did by the way obstruct multiple efforts by Bush & the republicans to add regualtion to Freddie/Fannie from 2003 on”
Was there a fillibuster?
The GOP held the chairmanships and majorities in both houses.
All you have is a party line vote in a house committee that the GOP won but then wussed out.
I guess they wanted to be seen as doing something while letting their buddies continue to rip off America. They then had the gall to blame poor minorities for the situation they wanted; little oversight or regulation.
_________________________________
So in case you missed the point OH, the Republicans had full opportunity to impose whatever restrictions they saw fit on the banking and loans industry – AND THEY DID NOTHING.
Posted by: pefros | January 30, 2009, 6:02 pm 6:02 pm
Here is why the so called stimulus plan proposed by the left is doomed to fail.
Let’s say my personal budget is $3000/mo income and I have $3100/mo in debt payments. This obviously isn’t going to work for long so I go out, get a debt consolidation loan and now I owe no more than I did originally but my outgo is now only $2500/mo. Technically I now have $600 more per month to save, spend or invest.
Now here is the liberal No-Stimulus plan. I have the same $3100/mo outgo to I go out and borrow another $50K and buy a car, a snow machine, new clothes and take a vacation. Why? Because I’m now providing jobs for the people that provide these goods and services. And now my monthly outgo is $4100/mo.
To the loony left, they’ve stimulated the economy. In reality, all they’ve done is dig a deeper hole.
Posted by: akcoyote | January 30, 2009, 6:53 pm 6:53 pm
And that stimulus package will do so much good, right?
It’s a porkfest. It will do nothing, except plunge us further into debt.
Posted by: Beth | January 30, 2009, 7:28 pm 7:28 pm
This Obama Middle Class Task Force will do nothing for the American People, just a waste of money. In the Bible, when the Lord spoke to Moses in the desert, the Lord said: Moses, if you want to prosper, you should not put all your eggs in one basket. And they prospered in the desert for forty years.
Posted by: James | January 30, 2009, 7:29 pm 7:29 pm
James- Moses and Obama listened about eggs in the basket. The stimulus package runs the gamut from large tax breaks to various facets of the infrastructure.
Posted by: kathy | January 30, 2009, 7:44 pm 7:44 pm
“It’s a porkfest”
_______________________
Name calling as talking point.
Posted by: pefros | January 30, 2009, 8:23 pm 8:23 pm
Stimulus package is a waste of time. The system is broken by greed in corporations and a government out of control. First step, roll back the clock and limit all corporations to 10 years existence. The original Mayflower and other ‘compacts’ (companies) were limited in duration. When you create lasting agencies, whether government or private, you are rigging the system for long term failure. Nature is dynamic and ever changing. You cannot form permanent anything.
Posted by: crystal luminuous | January 30, 2009, 10:31 pm 10:31 pm
Thanks President Obama. I always look forward to your “pep talks” for an excuse to slash my wrists. Very helpful. This is hope? This is change?
Posted by: Justin | January 30, 2009, 10:34 pm 10:34 pm
Stock up on can goods you will need them in the very near future just make sure their not from China.
Posted by: James Villa | January 30, 2009, 11:04 pm 11:04 pm
You liberals are all the same on every blog. Blame Bush. Now we have a President who wants to say where, what and when we can do something. He is so far left it is going to take decades to get us out of this mess once he is done in 4 years.
Posted by: 001dawg | January 31, 2009, 1:03 am 1:03 am
Obama is painting and has been painting our country as doom and gloom.
I thought that he was suppose to lift spirits and give us hope.
I love this country and I really think that he should set the example of loving it too.
Posted by: rick from pa | January 31, 2009, 7:35 am 7:35 am
Hey Joe you said when tested Obama will have a spine of steel. Its obvious he’s a sock puppet for George Soros who got him the job to begin with.
Posted by: James Villa | January 31, 2009, 10:31 am 10:31 am
akcoyote wrote:
“So in case you missed the point OH, the Republicans had full opportunity to impose whatever restrictions they saw fit on the banking and loans industry – AND THEY DID NOTHING.”
You are right. They did not stand strong and do what should have been done…because they were afraid of being demagogued by the press and Democrats and because had they done that, the current press and would be trying to say that this was the cause of the down turn.
But they are still 10 times closer to doing the right thing than the current administration and congress. We should not fire the shoplifter and hire the bank robber which is exactly what we have done.
Posted by: David Tatro | January 31, 2009, 10:53 am 10:53 am
When Obama stood on top of the mountain and say to us. Yes we can. Who was he talking about?. His administration or us?. He was talking to me,that I have to do something about it. Eat less, dress less, sleep more, work less, walk instead riding, blame your unpaid taxes on Turbotax, and the administration the rest. One year of him and we will be ready for another election.
Posted by: Joe Fattal | January 31, 2009, 2:33 pm 2:33 pm
with all the negative comments about our
new president,i think its crazy,our country wont change overnight and he is not a magician. as he said in his campaign speech we have a long road ahead of us. and it wont be easy. but change will come.
Posted by: alice | January 31, 2009, 6:34 pm 6:34 pm
When is the “messiah” going to stop
scaring the american people by
trashing our economy daily and do
something positive to help it.
Americans need positive actions and
the hope that things will get better!
Daily trashing of our economy will
only make people more cautious and
less likely to start spending again and
stimulating our economy!
Posted by: reaganfan | January 31, 2009, 6:34 pm 6:34 pm
Here’s my stimulus plan. Give all government employees a new car! We’ll just print the money and tax everyone next year.
We’ll throw in 3% for infrastructure improvements and 1% renewable energy and say that’s what this plan is all about!
Wow. What a plan.
Posted by: Dave | February 1, 2009, 12:55 pm 12:55 pm
Too many folks commenting here want our president to wear rose-colored glasses. Maybe after 8 years of being lied to, the truth is too blunt?
Personally, I want the truth. And the stimulus package seems like a good mix of tax relief for the poor and middle class as well as money for medicaid, infrastucture and green industry.
As this mess took 8 years to develop, logically it will have to take a year or two to turn the economic tide and see improvement.
The two ideas I don’t see mentioned seriously are: 1)cutting credit card interest rates across the board, to help free up spending money for the poor and middle class and to limit the extreme greed by these companies.
Also, a national advertising campaign explaining what a rip-off it is to carry debt on a credit card would make for smarter consumers.
2)Put a limit of 6% interest rate on home mortgages, one per family. So investment homes rates wouldn’t be affected but homeowners struggling to keep up with their mortgages would be helped. This would perhaps stem the tide of foreclosures and thus stabilize housing prices.
Posted by: Lydia | February 2, 2009, 10:27 am 10:27 am
We must have a sense of urgency! I can’t wait to spend, spend, spend. All this deliberation is not part of my vision for America. My visions of hope and change are turning to fear and desperation. It’s been two weeks already and my Democratic House and Congress are still holding back on the trillion dollars I need to secure my re-election. Don’t you people understand I owe a lot of people for helping me get elected. Barack Obama
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