A “persistent” President Obama addressed the nation last night, defending his plan to create jobs, boost the housing market and energize the credit markets. In a primetime address, Obama asked the American people and Congress to support his proposed $3.6 trillion budget, and his ambitious spending and tax proposals one day before the plan begins to move in Congress.
President Obama made it clear that the government should spend on renewable-energy development, education and health-insurance to help recover the economy. He called for new authority to seize and dismantle non-bank financial institutions like troubled insurance giant American International Group, Inc. The president did not detail how he will bring down deficits in the long term, but suggested that it would come by controlling health-care costs.
The President continues to face fallout from the outrage over bonuses paid to executives at AIG, which is 80% owned by the government and has received billions in federal bailout money. (WSJ) It was clear that he was under stress when he was asked why he did not go public with his outrage sooner. The usually calm president snapped immediately, “I like to know what I’m talking about before I speak.”
Last night on CNN, Anderson Cooper asked his guests whether they thought that the president was overexposed. “When Tim Geithner talks, the markets tank. And Larry Sommer is certainly not about to get a cable news show,” said Cooper.
Everybody has their own opinion but nobody really seems to know. Obama’s team is trying to address multiple crises simultaneously. It’s obviously not an easy task so when the president asks us to hang in there there with him…why is everybody up in arms? After all, this country hung in there with FDR. What happened to America’s attention span?
Above all, President Obama stressed “persistence”:
“That whole philosophy of persistence, by the way, is one that I’m going to be emphasizing again and again in the months and years to come, as long as I am in this office. I’m a big believer in persistence.”
America’s economy is in a right royal mess. It didn’t happen overnight and getting out of it is to going to be easy. Unless the American public wants to return to an economy of bubble and bust, they are going to have to get over their ADD and give the Obama administration a break!