President Obama: ‘We’re Pointed in the Right Direction’
EmailABC 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to return to an economy based on inflated profits and maxed-out credit cards, an economy where we depend on dirty and outdated sources of energy, an economy where we're burdened by soaring health care costs that serve only the special interests," he said.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
Obama: 'Now Is the Time For Common Sense Action' 
Romney Takes Aim at Conservatives
stabilization? Seriously? 9.4% unemployment rate and 200,000+ jobs lost, that is not stabilization. If you are still losing jobs, you are NOT STABLE!
Where are the 600,000+ jobs he promised for the summer? In a few short weeks summer will be over, where are those jobs?
Better question, we are hurting here in America and yet Obama and his administration is sending millions of dollars to countires overseas? Why?
Posted by: KMDay | August 7, 2009, 2:00 pm 2:00 pm
“We can see the light at the end of the tunnel”… and it is a train coming from the other direction. This bum is a sorry empty suit who will say anything to soothe the collective conscience of the ignorant who voted for him. Remember his own words…” you got bamboozled, you got conned, ” Only weeks ago the “sky was falling” according to chicken little, just so he could get his spendulus bill passed…
what a bunch of corrupt liars and theieves we have in the White House!
Posted by: Badboy | August 7, 2009, 2:13 pm 2:13 pm
“Know this, Barack Obama’s American Recovery and “Reinvestment” Act was a slush fund for his cronies and the well connected.”
I agree…Immelt got how many billions..
ACORN got how many billions….Fannie and Freddie got how many????What a greedy corrupt con-artist……Bush and Cheney are looking better everyday! By the time Oblahblah, Pelosi and Reid get done they will make Bush and Cheney look like fically responsible experts!
Posted by: Badboy | August 7, 2009, 2:21 pm 2:21 pm
There are some hopeful signs out there and hopefully we have begun the climb up.
Of course the right wing would prefer the country slipped further down because then their chances at election are better.
Posted by: Ryan C | August 7, 2009, 2:21 pm 2:21 pm
When George Bush’s unemployment rate was 5.4%, the sky is falling! But when Barack Obama’s is 9.4%… 9.4%! “we’re making progress.”
We must also remember that while Obama keeps blaming Bush, the Democrats have been in control of Congress since late 2006, that means for 2.5 yrs the Democrats have decided or not decided what bills to implement, pass or not pass. They did nothing to keep this from happening and have since only made the problem worse!
Posted by: KMDay | August 7, 2009, 2:21 pm 2:21 pm
This report is equivalent to the entire city of Norfolk, VA becoming unemployed. We are at a point in time where previous recessions usually begin to abate-are we following historic patterns,or not?How do we know that the Recovery Act didn’t make things worse? I would not trust the White House view of economic cause and effect-they claimed that unemployment would not exceed 8% if we passed the stimulus.Why isn’t the Press asking him about that?
Posted by: Nephron | August 7, 2009, 2:28 pm 2:28 pm
In June, the Bureau of Labor Statistics said the civilian labor force was 154,926,000 people.
In July, 796,000 of those were taken out of their definition of the workforce because they have stopped looking for work “because they believe no jobs are available for them.” Ten percent of the June workforce would be 15.4 million, 1 percent would be 1.5 million, and so 796,000 is roughly one half of one percent.
In other words, BLS took .5 percent of the unemployed and took them out of the bookes. And with that, unemployment went down one tenth of one percent.
Posted by: Blue Skies | August 7, 2009, 2:28 pm 2:28 pm
“In July, 796,000 of those were taken out of their definition of the workforce because they have stopped looking for work “because they believe no jobs are available for them.” Ten percent of the June workforce would be 15.4 million, 1 percent would be 1.5 million, and so 796,000 is roughly one half of one percent.
In other words, BLS took .5 percent of the unemployed and took them out of the bookes. And with that, unemployment went down one tenth of one percent.”
Oh look some right winger has suddenly discovered how unemployment is calculated.
Of course they ignored this when the Bush miracle economy was chugging along with “low” unemployment rates.
Posted by: Ryan C | August 7, 2009, 2:30 pm 2:30 pm
“We must also remember that while Obama keeps blaming Bush, the Democrats have been in control of Congress since late 2006, that means for 2.5 yrs the Democrats have decided or not decided what bills to implement, pass or not pass. They did nothing to keep this from happening and have since only made the problem worse!”
Who is in charge of regulatory agencies, the executive or legislative branch?
Posted by: Ryan C | August 7, 2009, 2:31 pm 2:31 pm
“When George Bush’s unemployment rate was 5.4%, the sky is falling! But when Barack Obama’s is 9.4%… 9.4%! “we’re making progress.”
Huh? the economy was imploding contracting 6% that quarter as unemployment (a lagging factor) suddenly jumped.
The right wing…stuck on stupid.
Posted by: Ryan C | August 7, 2009, 2:33 pm 2:33 pm
This is a huge boost for the president and manages to make Republicans who are decrying the fact that jobs are being saved look really partisan and out of touch.
Don’t they remember what they said about Dems who were skeptical of the economy in the Bush years?
Posted by: matt | August 7, 2009, 2:42 pm 2:42 pm
YES WE ARE
YES WE CAN
YES WE DID
AND YES WE WILL CONTINUTE TO DO SO!
Great Job President Obama but your right we still have alot of work to do!
Posted by: Angie in PA | August 7, 2009, 2:56 pm 2:56 pm
“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.”
The light at the end of the tunnel could actually be an oncoming train… And, not the best timing to quote a Paula Abdul song.
Posted by: Blue Skies | August 7, 2009, 2:57 pm 2:57 pm
WHO’S WE IN THAT STATEMENT??
Posted by: william | August 7, 2009, 3:06 pm 3:06 pm
Of course it could also mean that companies have run out of people to lay off and will rest awhile until they can get a better look at their bottom line.
And small businesses that closed can’t lay anyone else off because, well… they’re closed.
As the idiot who fell from the 100 story roof and passed the 50th floor was heard to say, “So far… so good.”
Posted by: White Noise | August 7, 2009, 3:10 pm 3:10 pm
WHO’S WE IN THAT STATEMENT??
Posted by: william | Aug 7, 2009 3:06:14 PM
=======================
America
Are you part of that we?
seriously concerned because if you are not.
North is Canada,
South is Mexico/Cuba
East is all of Europe
West is Japan/China
take your pick
Posted by: Omentum | August 7, 2009, 3:12 pm 3:12 pm
WHOS THE WE
We The PEOPLE Who Elected Barack Obama and rejected the Republicans destruction!
Posted by: Angie in PA | August 7, 2009, 3:17 pm 3:17 pm
“When George Bush’s unemployment rate was 5.4%, the sky is falling! But when Barack Obama’s is 9.4%… 9.4%! “we’re making progress.”
Huh? the economy was imploding contracting 6% that quarter as unemployment (a lagging factor) suddenly jumped.
The right wing…stuck on stupid.
Posted by: Ryan C | Aug 7, 2009 2:33:23 PM======================================LMAO………..democrats in control of Congress since late 2006……2.5 yrs….
Posted by: KMDay | August 7, 2009, 3:17 pm 3:17 pm
I’ll work hard! I’ll stay off welfare, I’ll spend money I earn working six days a week,every week,fixing my car that I PAY FOR EVERY MONTH,ON TIME. I’ll keep my pride in working hard everyday,paying my bills on time with out causing tax payers to give me something I’m too lazy to get through hard work and education! Beg the liberals for dollars all you want, as a matter of fact you can keep your change and mine, I DON’T NEED IT!
Posted by: william | August 7, 2009, 3:23 pm 3:23 pm
Stabilization in the economy would mean a few things we haven’t seen yet.
GDP settling around 2.2% growth (annual sustainment rate). Currently at -1%
Job GROWTH equal to the number of NEW people entering the work force. Jobs are still going down.
Consumer spending stable around 2% growth. Currently down and “not as bad as experts predicted”. That doesn’t cut it.
Imagine your on the side of a muddy hill and your sliding down. You slowed, but still sliding down hill. Are you stabilized? Nope. Are you moving towards stabilization (i.e slowing down the decent)? Yes, but your not stable. Theres a difference.
And if you look at the “Great Depression” it also had a slowdown and even an uptick before the bottom fell out. I don’t foresee another great depression, but it’s not advisable to playing this up too much.
Posted by: KR | August 7, 2009, 3:29 pm 3:29 pm
Smoke and mirrors.
Posted by: sallyj | August 7, 2009, 3:37 pm 3:37 pm
“There are some hopeful signs out there and hopefully we have begun the climb up.Of course the right wing would prefer the country slipped further down because then their chances at election are better.” according to Ryan liberal
Ryan…you missed the point, once again!
The longer Obama and the liberals are charge, the chances for electing someone different and better becomes not only more obvious, but better and better all the time. Like I keep saying, Obama makes Bush look better everyday as Obama himself looks more clueless!
Posted by: Indy man | August 7, 2009, 3:37 pm 3:37 pm
Obama says, “Hit them back twice as hard!” and the SEIU’s Purple People Beaters show up on cue.
That isn’t a light at the end of the tunnel, it’s a train.
Posted by: Skidz | August 7, 2009, 3:38 pm 3:38 pm
“Who is in charge of regulatory agencies, the executive or legislative branch?”
So Barry’s not in charge? Obama can always fire Geithner and Summers.
Posted by: Big $ | August 7, 2009, 3:41 pm 3:41 pm
We The PEOPLE Who Elected Barack Obama to deconstruct the American dream!
Posted by: Left wing is the new right wing | August 7, 2009, 3:41 pm 3:41 pm
LMAO………..democrats in control of Congress since late 2006……2.5 yrs….”
Congress starts their new session in Jan.
The Dems took over January 2007.
Posted by: Ryan C | August 7, 2009, 3:51 pm 3:51 pm
“After all your Bush bashing, it must be hard to face the fact that Bush was much better than Oblahblah!”
ROFLMAO!
“It is becoming more evident everyday! I sure miss Bush & Cheney, and deep down, even though you won’t admit it, you do too!!!”
ROFLMAO!
Posted by: Ryan C | August 7, 2009, 3:53 pm 3:53 pm
It’s interesting that President Obama is quick to claim his R & R Act being responsible for the “stabilization” of the economy. If this is the beginning of the “stabilization” of the economy how do we know that it isn’t TARP I that deserves the credit?
Posted by: James Danley | August 7, 2009, 4:25 pm 4:25 pm
“We’re pointed in the right direction,” Mr. Obama said.
And Goldman Sachs agrees.
Posted by: Tim G. | August 7, 2009, 4:27 pm 4:27 pm
Hey Angie in Pa:
Put the Kool-Aid down for a second
and smell the coffee.
Great Job? Where? How? When?
250,000 more jobs lost is a great job?
Oh I guess if you live in La La Land
you could say the economy is not as
bad as it was but that’s no reason to
pop the champagne cork!
Did anyone really think that the same
companies would keep laying off
more people month after month!
The layoffs have been going on for
many months so logically each month
there are less companies dropping
employees ergo the steady monthly
drop.
The time to celebrate is when companies
en masse begin to rehire layed off
workers and hire new ones and that’s
a long way off.
Only 10-15 percent of the stimulus has
been spent so your hero can’t take
much credit for the minimal improvement
in the numbers.
His foreign policy of Blah, Blah, Blah
is a total failure.
Iran and North Korea continue their
nuclear programs although Kim Jong Ill
did get a “photo op” with President
Clinton for releasing Al Gore’s
employees.
President Obama so far(he does have
31/2 years to go) is a Train Wreck!
Great Job, Indeed!
Posted by: reaganfan | August 7, 2009, 4:50 pm 4:50 pm
So the unemployment figures went down a little after everyone was expecting things to get worse.
Well, Obama. Don’t get too uppity.
You may have gotten a bit of good news lately but that doesn’t make up for the fact that during your administration we witnessed….
* The collapse of Countrywide,Ameriquest, Indymac Bank
* Federal takeover of Fannie Mae and Freddie Mac,
* A massive $700 billion emergency bailout TARP program
* Washington Mutual seized by the Federal Deposit Insurance Corporation,
* The Dow Jones Industrial Average caps its worst week ever with its highest volatility day ever recorded in its 112 year history
* Lehman Brothers collapses
* The US Federal Reserve lends $85 billion to American International Group (AIG) to avoid bankruptcy.
* The US government agrees to rescue Citigroup
* Economists start talking about a second great depression
* The collapse of….excuse me? hmmm….you sure…oh…
Ah, Excuse me….
That all took place under the Bush administration?!
…..Never mind.
Posted by: Norris Hall | August 7, 2009, 4:59 pm 4:59 pm
Some things pointed MORE in the right
direction are the fingers pointed at
the mumbling Dem congressmen in their
town hall meetings. Acorns and union
enforcers will not stem the tide
of finger-pointers. Take that to the
bank,
Posted by: Trajan | August 7, 2009, 5:02 pm 5:02 pm
Well, Mr. Obama, most of us (83%) have insurance that we like. You’ll never give us your idea of a health plan. Yours stinks. I have my plan and I’m not going to let you take mine and the other 83% either.
Posted by: elainekramer | August 8, 2009, 12:10 am 12:10 am
ReaganFan Said: “Only 10-15 percent of the stimulus has been spent so your hero can’t take much credit for the minimal improvement in the numbers.
===============================
Goodness gracious “ReaganFan”… you’re full of incorrect, Republican propoganda today aren’t you?
Here, let me educate you a little… go to “Recovery(dot)Gov” and click on “Investments” “By Agency”.
You’ll see that $197.2 Billion of the $750 Billion in the American Recovery and Reinvestment Act of 2009 has been “OBLIGATED” by the Government.
Now “ReaganFan”, let’s do some high school math here … 197.2 divided by 750 equals???? That’s right… 26.3% of the Stimulus bill has been “OBLIGATED”.
Now, I bet you have NO IDEA what the term “OBLIGATED” means in government accounting, do you? It means that the money has been “locked against” or “dedicated for” an ongoing contract with private business… thus the turn around in economic activity we’re seeing.
Bottom line “ReaganFan”, your 10-15% of how much of the stiumulus is “spent”, is short by at least 11%.
Geeze…. another “Strange Republican Brain”!!!
Posted by: The Strange Conservative Brain | August 9, 2009, 6:24 pm 6:24 pm
Reaganfan Said: “Did anyone really think that the same companies would keep laying off more people month after month! The layoffs have been going on for many months so logically each month there are less companies dropping
employees ergo the steady monthly drop.”
=========================
Man! …. LOL … You “REALLY” have no idea how the Monthly National Unemployment Rate is calculated do you?
For your education, it has nothing to do with the number of “companies dropping employees” … LOL.
Go to the Bureau of Labor and Statistics website and do some reading, will yah?
Posted by: The Strange Conservative Brain | August 9, 2009, 6:30 pm 6:30 pm