Thread: President Obama: There are signs of economic progress, but more hard times ahead for

President Obama: There are signs of economic progress, but more hard times ahead for US economy


BY MICHAEL MCAULIFF
DAILY NEWS WASHINGTON BUREAU

Updated Tuesday, April 14th 2009, 12:18 PM

Barack Obama is stopping well short of declaring victory in the battle to rebuild the economy, but the President says things are looking up.

And he says it’s because of all the steps the White House has taken in less than three months on the job, from bailing out banks, working on the mortgage crisis, passing the stimulus package and pushing to unfreeze lending.

"Together, these actions are starting to generate signs of economic progress," Obama says in remarks he plans to deliver late this morning at Georgetown University.

But owing to the fine line he’s walking in not wanting to sound out of touch or to get too far ahead of reality, the cheerleader in chief also offers a hearty warning.

"This is all welcome and encouraging news, but it does not mean that hard times are over," Obama says. "2009 will continue to be a difficult year for America’s economy. The severity of this recession will cause more job loss, more foreclosures, and more pain before it ends."

He calls on Congress to deal with the ongoing problems in a "responsible" fashion, and not "lurch from shock to trance," promising great activity and delivering none once the attention shifts.

Obama says the country needs to move ahead by redrawing the rules on Wall Street, keeping up investments in education, clean energy and reformed health care even as it trims the budget deficits, all which he says will take years.

"We cannot rebuild this economy on the same pile of sand," he says, citing a Biblical allegory. "We must build our house upon a rock. We must lay a new foundation for growth and prosperity."

And he offers another dose of caution and optimism.

"By no means are we out of the woods just yet," Obama says. "But from where we stand, for the very first time, we are beginning to see glimmers of hope."

Originally Posted by lnvanry

If he stays true to those campaign promises (which all politicians make)...I will become a staunch supporter of his. Education should be numero uno on the list IMHO.

That is important, very important.
Sadly it hasn't been for the last few years.