Thursday, 8 January 2009

American Recovery and Reinvestment (Obama Speech)

Throughout America's history, there have been some years that simply rolled into the next without much notice or fanfare. Then there are the years that come along once in a generation - the kind that mark a clean break from a troubled past, and set a new course for our nation.
This is one of those years.

We start 2009 in the midst of a crisis unlike any we have seen in our lifetime - a crisis that has only deepened over the last few weeks. Nearly two million jobs have now been lost, and on Friday we are likely to learn that we lost more jobs last year than at any time since World War II. Just in the past year, another 2.8 million Americans who want and need full-time work have had to settle for part-time jobs. Manufacturing has hit a twenty-eight year low. Many businesses cannot borrow or make payroll. Many families cannot pay their bills or their mortgage. Many workers are watching their life savings disappear. And many, many Americans are both anxious and uncertain of what the future will hold.

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.

(rest of President-Elect Barack Obama speech here)
Photo: Shepard Fairey


Suzanne said...

The issue is actually global recovery. We should be reading and watching as much as we can on these subjects. Watch's a presentation on the Global Economic Crisis. Yes folks, it's NOT all about us. HA.

Everyone should be reading all of Thomas P. Barnett they can get their hands on. I've been following his writings and presentations for about three years now. There are many lightbulb moments in his book "The Pentagon's New Map" and subsequent books. He is a prolific writer and genius is global strategy.

As Abigail Adams often extolled her children, our personal education in these matters is utmost to our success. We cannot rely on our leaders alone to solve the problems, we must deeply understand the work that must be done on an individual basis.

- Suzanne, the Farmer's Wife

Di Overton said...

I think the whole world is just sitting waiting for your new President to take control. Over here in the UK our government just keep reducing interest rates then the banks don't pass it on. Shops are closing at a rate previously never seen. It's all so depressing but I really believe something good can come from it. We all need to take a good look at our lives, re-adjust and enjoy the things in life that cost nothing. People loosing jobs can re-evaluate their lives and maybe start something new. I think I must be the eternal optimist but it's preferable to moping around.


Suzanne and Di, Thank you for your comments. The economy is a huge topic for discussion here in Canada amongst people/families - dinner table conversation - coffee shop banter. We are all waiting for Obama to 'start'. I agree, we all must chip in. My favorite phrase in the speech was 'the culture of anything goes is gone' - I believe we all have to be part of the solution. Here's where I get mixed up - I can't get my head wrapped around it....I want to stop spending but they say that's not good...what to do, what to do?


Suzanne: Thanks for the links!

Suzanne said...

You're welcome.