President Obama: ‘We’re Pointed in the Right Direction’

Aug 7, 2009 1:56pm

ABC News' Yunji de Nies Reports: President Barack Obama today said the jobs report shows stabilization, but said the economy still has a long way to go before it reaches a full recovery.  "We're pointed in the right direction," Mr. Obama said, "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." The president spoke for six minutes from the Rose Garden, and focused his remarks on touting the Recovery Act, addressing what he calls "misinformation." Mr. Obama explained that the plan is divided into three parts — one third for tax relief, one third for emergency relief (i.e. unemployment benefits extensions) and the last third to investments (i.e. for so-called "shovel ready" projects such as roads, bridges, hospitals and schools) to create sustainable growth. "Now as we begin to put an end to this recession, we have to consider comes next because we can't afford to return to an economy based on inflated profits and maxed-out credit cards, an economy where we depend on dirty and outdated sources of energy, an economy where we're burdened by soaring health care costs that serve only the special interests," he said. "We have a lot further to go. As far as I'm concerned, we will not have a true recovery as long as we're losing jobs, and we won't rest until every American that is looking for work can find a job," the president added. "I have no doubt that we can make these changes. It won't be easy, though. Change is hard, especially in Washington. We have a steep mountain to climb, and we started in a very deep valley." He ended his speech with yet another analogy, saying "I am convinced that we can see a light at the end of the tunnel, but now we're going to have to move forward with confidence and conviction to reach the promise of a new day." — Yunji de Nies

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