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Obama to warn it may soon be too late to save economy

 
Anonymous Coward
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01/08/2009 08:11 AM
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Obama to warn it may soon be too late to save economy
President-elect Barack Obama this morning will warn that unless "dramatic action" is taken quickly, it may be too late to pull the economy out of a recession that could last for years.

His staff just released excerpts from a speech the president-elect is due to give at 11 a.m. ET. Among those excerpts:

"I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible. If nothing is done, this recession could linger for years. The unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four. We could lose a generation of potential and promise, as more young Americans are forced to forgo dreams of college or the chance to train for the jobs of the future. And our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world.

"In short, a bad situation could become dramatically worse."

"There is no doubt that the cost of this plan will be considerable. It will certainly add to the budget deficit in the short-term. But equally certain are the consequences of doing too little or nothing at all, for that will lead to an even greater deficit of jobs, incomes, and confidence in our economy. It is true that we cannot depend on government alone to create jobs or long-term growth, but at this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe. Only government can break the vicious cycles that are crippling our economy - where a lack of spending leads to lost jobs which leads to even less spending; where an inability to lend and borrow stops growth and leads to even less credit."

"It is time to set a new course for this economy, and that change must begin now. We should have an open and honest discussion about this recovery plan in the days ahead, but I urge Congress to move as quickly as possible on behalf of the American people. For every day we wait or point fingers or drag our feet, more Americans will lose their jobs. More families will lose their savings. More dreams will be deferred and denied. And our nation will sink deeper into a crisis that, at some point, we may not be able to reverse."

We're planning to live-blog the president-elect's speech, which he'll give at George Mason University in Fairfax, Va. Check back here at The Oval as 11 a.m. ET approaches.

Speaking of the economy and unemployment in particular, USA TODAY's Barbara Hagenbaugh and Sue Kirchhoff write this morning that some experts believe that employment news could get "truly gruesome" in coming months.


[link to content.usatoday.com]
Dell Motto
User ID: 429261
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01/08/2009 08:17 AM
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Re: Obama to warn it may soon be too late to save economy
Obama should change his motto from

"Audacity of Hope" to ohyeah

"Audacity of Despair" verysad
Anonymous Coward
User ID: 588241
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01/08/2009 08:22 AM
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Re: Obama to warn it may soon be too late to save economy
Hope and loose Change in your sofa
Anonymous Coward (OP)
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01/08/2009 08:32 AM
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Re: Obama to warn it may soon be too late to save economy
My guess is the palavra with the former presidents (plus daily briefings) have revealed that there really is no hope of recovery. He's letting us down easy.
Spend like the wind!!!!!!!!!
User ID: 429261
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01/08/2009 08:41 AM
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Re: Obama to warn it may soon be too late to save economy
Maybe they told him a huge planet will come hurtling close to the earth knocking it over so he has decided he might as well spend like there is no tomorrow.
Anonymous Coward
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01/08/2009 09:20 AM
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Re: Obama to warn it may soon be too late to save economy
Eliminate corporate taxation on manufacturing IMMEDIATELY! Thats the only thing that will save the country!
Anonymous Coward (OP)
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01/08/2009 11:11 AM
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Re: Obama to warn it may soon be too late to save economy
Bump for speech coverage.
Anonymous Coward
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01/08/2009 11:16 AM
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Re: Obama to warn it may soon be too late to save economy
Palson threatned us with marshall law for his 770 billion which only enriched the banksters.

Barky's gotta top that doom to get his 2 trillion to enrich his bankster friends.

I don't suppose any of the dumber than a rock goy will think of arresting the looting bankers. No that would never work. Just keep giving the thieves more money. Yah that's the ticket.

You go Barfy.
Sinanju
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01/08/2009 11:17 AM
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Re: Obama to warn it may soon be too late to save economy
Eliminate corporate taxation on manufacturing IMMEDIATELY! Thats the only thing that will save the country!
 Quoting: Anonymous Coward 578698


>>HR 25, the Fairtax.
Tigru

User ID: 488868
Finland
01/08/2009 11:18 AM
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Re: Obama to warn it may soon be too late to save economy
My guess is the palavra with the former presidents (plus daily briefings) have revealed that there really is no hope of recovery. He's letting us down easy.
 Quoting: Anonymous Coward 371876


Fools and sheeples are going to get suprise when system crashes...too bad for people who have put whole their trust into this system. I cant believe most think economy will be fine and all bad news are media hype...heh...
Anonymous Coward
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01/08/2009 11:19 AM
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Re: Obama to warn it may soon be too late to save economy
Obama should change his motto from

"Audacity of Hope" to ohyeah

"Audacity of Despair" verysad
 Quoting: Dell Motto 429261

bsflag
sureshot

User ID: 531633
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01/08/2009 11:20 AM
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Re: Obama to warn it may soon be too late to save economy
Any of you losers ever hear of "Optimism"??
Atheist/Realist.

I love the U.S.A.!
Anonymous Coward
User ID: 585112
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01/08/2009 11:20 AM
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Re: Obama to warn it may soon be too late to save economy
yesh lets just go into another trillion dollars of debt an bail out all the crooks in the new world order.
sureshot

User ID: 531633
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01/08/2009 11:23 AM
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Re: Obama to warn it may soon be too late to save economy
yesh lets just go into another trillion dollars of debt an bail out all the crooks in the new world order.
 Quoting: Anonymous Coward 585112


Dont like it? Get out!
Atheist/Realist.

I love the U.S.A.!
Anonymous Coward
User ID: 585112
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01/08/2009 11:25 AM
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Re: Obama to warn it may soon be too late to save economy
yesh lets just go into another trillion dollars of debt an bail out all the crooks in the new world order.


Dont like it? Get out!
 Quoting: sureshot

i am out biotch flip but your a new world oder slave lmao
Anonymous Coward
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01/08/2009 11:25 AM
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Re: Obama to warn it may soon be too late to save economy
The only way out of this for America is to arrest Barky and the congress for treason.
Anonymous Coward
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01/08/2009 11:26 AM
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Re: Obama to warn it may soon be too late to save economy
SOP in my book...

"quick, hurry, OMG, we've got to act now or there'll be (insert nightmare scenario here) we've got to do this NOW, there's no time to debate...

so sad really....
Anonymous Coward
User ID: 532556
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01/08/2009 11:26 AM
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Re: Obama to warn it may soon be too late to save economy
yesh lets just go into another trillion dollars of debt an bail out all the crooks in the new world order.


Dont like it? Get out!
 Quoting: sureshot



Actually sureshot, if you don't like citizens being pissed off at bullshit, you can get the fuck out! I doubt you were so god damned vigilant against people who criticised Bush. Personally, i'll speak out against any bullshit i see from any politician, but you Obamabots need to remove the president elects phallus from your esophagus.
sureshot

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01/08/2009 11:27 AM
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Re: Obama to warn it may soon be too late to save economy
i am out biotch flip but your a new world oder slave lmao
 Quoting: Anonymous Coward 585112


Seems I am a lucky "slave" then. I have plenty of money and a great life. All because of the country I live in.

I love the USA!
Atheist/Realist.

I love the U.S.A.!
Tigru

User ID: 488868
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01/08/2009 11:28 AM
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Re: Obama to warn it may soon be too late to save economy
Any of you losers ever hear of "Optimism"??
 Quoting: sureshot


Where you have been sheep? People knew back then (2000) things would get worse.
sureshot

User ID: 531633
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01/08/2009 11:29 AM
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Re: Obama to warn it may soon be too late to save economy
Actually sureshot, if you don't like citizens being pissed off at bullshit, you can get the fuck out! I doubt you were so god damned vigilant against people who criticised Bush. Personally, i'll speak out against any bullshit i see from any politician, but you Obamabots need to remove the president elects phallus from your esophagus.
 Quoting: Anonymous Coward 532556



Problem being they are basing their opinions on unfounded and ridiculous speculation.

I will just stick to what my siggy says...Love it or leave it.

Have a nice doom filled day. rofl loser
Atheist/Realist.

I love the U.S.A.!
Anonymous Coward
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01/08/2009 11:30 AM
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Re: Obama to warn it may soon be too late to save economy
Personally, i'll speak out against any bullshit i see from any politician...
 Quoting: Anonymous Coward 532556


couldn't agree more, I voted for Obama, but for him to pull more of this standard operating procedure is just that, BS.

no matter who you backed / voted for / or support...


BS is BS!
sureshot

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01/08/2009 11:30 AM
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Re: Obama to warn it may soon be too late to save economy
Any of you losers ever hear of "Optimism"??


Where you have been sheep? People knew back then (2000) things would get worse.
 Quoting: Tigru


I guess I am just lucky then. My life is great.
Atheist/Realist.

I love the U.S.A.!
Omega

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01/08/2009 11:31 AM
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Re: Obama to warn it may soon be too late to save economy
Listening now. We are fucked. Buy booolits, you're gonna need em///lmao...

:bammanload:
Handguns are a skill; shotguns an art; rifles a science.
_____________________________________
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Better to take action now rather than chances later. Your choice.
Anonymous Coward
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01/08/2009 11:32 AM
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Re: Obama to warn it may soon be too late to save economy
Actually sureshot, if you don't like citizens being pissed off at bullshit, you can get the fuck out! I doubt you were so god damned vigilant against people who criticised Bush. Personally, i'll speak out against any bullshit i see from any politician, but you Obamabots need to remove the president elects phallus from your esophagus.



Problem being they are basing their opinions on unfounded and ridiculous speculation.

I will just stick to what my siggy says...Love it or leave it.

Have a nice doom filled day. rofl loser
 Quoting: sureshot



Sureshot, ever hear of the expression "I love my country, but I fear my government."?
Anonymous Coward
User ID: 585112
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01/08/2009 11:33 AM
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Re: Obama to warn it may soon be too late to save economy
i am out biotch flip but your a new world oder slave lmao


Seems I am a lucky "slave" then. I have plenty of money and a great life. All because of the country I live in.

I love the USA!
 Quoting: sureshot

yeah i love the usa too...served this country for atleast 15 years...but shit for brains people like you who support the new world order are just as mush a traitor as they are.bind sheep to the slaughter pft...but i got money an im so happy lmao
sureshot

User ID: 531633
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01/08/2009 12:10 PM
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Re: Obama to warn it may soon be too late to save economy
yeah i love the usa too...served this country for at least 15 years...but shit for brains people like you who support the new world order are just as mush a traitor as they are.bind sheep to the slaughter pft...but i got money an im so happy lmao
 Quoting: Anonymous Coward 585112


Sorry you couldn't be successful in the greatest country on earth. Maybe you are just not smart enough.

Oh yea..the NWO is nothing but a conspiracy theoryMaybe if you lived in the here and NOW you might understand that.

And FWIW I did not trust the Bush admin...but I feel anyone should be given a chance. So, I will support Obama until further notice.
Atheist/Realist.

I love the U.S.A.!





GLP