WASHINGTON, Feb. 6, 2009
Obama Names Economic Team; Chides Congress
President Assembles Outside Advisers, Pushes Back Against Stimulus Plan Resistance
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Play CBS Video Video Obama Takes Aim At GOP President Obama told GOP critics of his economic stimulus package that their ideas have already been tried and failed. Chip Reid reports.
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President Barack Obama (accompanied by Economic Recovery Advisory Board Chair Paul Volcker) speaks in the East Room of the White House, Friday, Feb. 6, 2009, where he introduced members of the President's Economic Recovery Advisory Board. (AP Photo/Ron Edmonds)
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Special Report First 100 Days Follow the Obama administration as it gets to work after the inauguration.
Mr. Obama's remarks were some of his most direct and pointed in support of the massive economic package that the Senate considered Friday and tried to pare down. President Obama acknowledged the $900-billion-plus plan was not perfect and pledged to work with lawmakers to refine the measure, which he called "absolutely necessary."
"But broadly speaking, it is the right size," Mr. Obama said in prepared remarks. "It is the right scope. ... It will take months - even years - to renew our economy. But every day that Washington fails to act, that recovery is delayed."
The president named an outside economic team of advisers as the nation dealt with more bad news in the unemployment report for January. Employers slashed payrolls by 598,000, the most since the end of 1974, catapulting the unemployment rate to 7.6 percent. The rate is the highest since September 1992.
"These numbers demand action. It is inexcusable and irresponsible to get bogged down in distraction and delay while millions of Americans are being put out of work. It is time for Congress to act," Mr. Obama said bluntly.
"That's 3.6 million Americans who wake up every day wondering how they are going to pay their bills, stay in their homes, and provide for their children. That's 3.6 million Americans who need our help," he said.
Borrowing themes from an address the night before to fellow Democrats on retreat in Williamsburg, Va., Mr. Obama reminded lawmakers that the Democratic Party won the White House and control of Congress.
"The American people did not choose more of the same," Mr. Obama said. "They did not send us to Washington to get stuck in partisan posturing, or to turn back to the same tried and failed approaches that were rejected in the last election. They sent us here with a mandate for change, and the expectation that we would act."
Mr. Obama took a sharper tone than he has in recent weeks and seemed to be sending a message to Republicans, who voted as a block against the plan in the House and who are demanding massive changes to the measure in the Senate.
"We are not going to get relief by turning back to the very same policies that for the last eight years doubled the national debt and threw our economy into a tailspin," Mr. Obama said - an implicit criticism of the GOP that was in power during that period.
Mr. Obama's feisty speeches, delivered back-to-back, were a reminder of the aggressive campaigner who helped his party boot Republicans from office. It was also a sign he and his advisers were increasingly worried about losing their first major legislative priority so soon after taking office.
Mr. Obama expressed frustration with his economic stimulus legislation being debated in the Senate. Lawmakers on Thursday inched toward a compromise package of spending and tax cuts that could cost well over $900 billion.
"We lost half a million jobs each month for two consecutive months," Mr. Obama told reporters traveling with him to Williamsburg.
"Every economist, even those who may quibble with the details of the makeup in a package, will agree that if you've got a trillion dollars in lost demand this year, and a trillion dollars in lost demand next year, then you've got to have a big enough recovery package to actually make up for those lost jobs and lost demand."
Slightly more than half the country approves of President Obama's $800 billion-plus stimulus package, a new CBS News poll finds. But support for the bill has fallen 12 points since January, and nearly half of those surveyed do not believe it will shorten the recession.
Fifty-one percent of those surveyed support the stimulus package, while 39 percent do not. An additional 10 percent don't know. Last month, 63 percent supported the package and just 24 percent opposed it.
A Band Of Outsiders
Earlier on Friday, President Obama announced a team of outside economic advisers to help boost an economy in a virtual free-fall.
The president signed an executive order creating the Economic Recovery Advisory Board, headed by former Federal Reserve Chairman Paul Volcker.
In a statement, the White House said the board will offer independent advice in regular briefings to the president, vice president and their economic team.
The White House said the board's initial focus will be programs to "jump-start economic growth."
Mr. Obama has already tapped Volcker, a top Obama adviser, as the leader of the high-profile panel of advisers. Members will include former Securities and Exchange Commission Chairman William Donaldson, TIAA-CREF President-CEO Roger Ferguson and Harvard University professor Martin Feldstein, who wrote a Wall Street Journal op-ed piece last year titled "John McCain Has a Tax Plan To Create Jobs."
Obama friend and campaign finance chairwoman Penny Pritzker also is on the board, as are two labor officials - Anna Burger of Service Employees International Union and Richard Trumka of the AFL-CIO.
Also named to the 15-member board:
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More From 100 Days: Economy
- What i see here is a list of friends and labor executives. Where are the educated, experience economist? I hope the American people have had enough of pay back to those who supported him in the election. Most CEO do not have it in the accounting end of their businesses. They get their info from the econ and accountant. thanks
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- he will claim that it was not enough when it fails to help anyone except the politically favored recipients of the ripoff.
Posted by WarDogLRS at 05:17 PM : Feb 07, 2009
You mean people who have been laid off and those on food stamps ? They are "politically favored" and will be helped ? Isn''t that the point ? - Reply to this comment
- The state keeps stepping up its fearmongering. That has always been the theme in international affairs, of course. "The [insert name of foreign people here] want to kill you and your children! So we must kill them and their children! And we must take your money, privacy, power, and sons to do it. PS: Shut up, except to sing, God bless the government."
Bush used a similar technique to bail out the banks. Now Obama is echoing Bush to get his stimulus of the state. "Print up another trillion to pay off my friends and allies, or face permanent poverty." But it isn''t working as well. The state media aren''t chiming in as they did 100% over the TARP. Most people, of course, are opposed. Thus the fright tactics.
Actually, after the Fed caused this depression, exacerbated by Fannie, Freddie, the banksters, etc. O is doing everything possible to make it permanent. His huge welfare stimulus will make things even worse. But like all Keynesians, he will claim that it was not enough when it fails to help anyone except the politically favored recipients of the ripoff. Next will come calls for a truly Krugmanian quadrillion bailout. A Soviet-Zimbabwe combo is the path to prosperity, don''t you know? - Reply to this comment
- Tentative Stimulus Deal Does Not Include E-Verify Protections for American Jobs...
PLEASE CALL YOUR SENATORS ...
Go to http://www.numbersusa.com/content/
Send a free fax from http://www.numbersusa.com/content/ to your Senators...
598,000 U.S. Jobs Lost in JAN -- Will Senate Today Go Through With Plan to Give Stimulus Jobs to Illegal Aliens?
Continue Sat. Actions! Tentative Stimulus Deal Does Not Include E-Verify Protections for American Jobs
Updated Saturday, February 7, 2009, 9:00 AM
The %u201C3%u201D Republican Senators voting FOR the stimulus package%u2026.The traders are%u2026
Arlen Specter of Pennsylvania
http://specter.senate.gov/public/index.cfm?FuseAction=Home.Home
Susan Collins and Olympia Snowe of Maine
http://collins.senate.gov/public/continue.cfm?FuseAction=Home.Home&CFID=5231102&CFTOKEN=36508221
http://snowe.senate.gov/public/ - Reply to this comment
- "Chides"???? He threw a hissy fit because some refused to go lock step with his minions.
bigloudbike-and just who ran/runs fannie & freddie?? Who made money from fannie & freddie? If one Republican was directly involved in the base of this mess, he/she would have been hung out to dry. Instead, raines, johnson, dodd, gorelick made big bucks. The issue with the Republicans is that they allowed themselves to be bullied with your usual cry of "racism". Take a look at the history of this mess, back to jimma and juiced up by bubba.
And,just why are we, those who work and pay taxes, givine 5.3 BILLION to acorn?? Why is that?
As for cleaning up the mess, your messiah is going to make the carter years look good. - Reply to this comment
- Comrade Hussein Obama claims the sky will fall and little kittens will die if Congress does not HURRY HURRY HURRY and pass his "Pork Package" - I think he''s lying.
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- Trained for his communist organizer job with Saul Alinsky, a communist radical anti-american.
Posted by Texanna10 at 04:16 PM : Feb 06, 2009
You''re such a LIAR, Rowdy. Saul Alinsky died in 1972, when Pres. Obama was 11 years old. Look it up. - Reply to this comment
- Posted by Texanna10
Good night, It''s been fun...thanks - Reply to this comment
- I agree! this is all happening because of Republican Policies. Which time after time never work! Seems the Dems always are stuck fixing the economy after the fact. Just look at the History.Republicans equals war, giant deficits,Tax shifts to the Middle Class,And big time Corruption( Dems aren''''t perfect either,but there is less thier seems). Also It seems all republicans do the blame on everone else except them even when it is their policies which they put in power.Who was in Power the last eight years? Looks like they will never learn to take responsibilities for thier own actions.Now its time to fix it and they want no part in what they did. Time to abolish the Republican Party as a whole.
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- Posted by wolfsbaneh at 06:12 PM : Feb 06, 2009
What''s the matter, the wimpy Scotish Mutant X-men Girl, getting upset that his British Royal Windsor Family is soooo inter-bred ??? he lost his skirt.... ahh, too bad - Reply to this comment
- Posted by wolfsbaneh at 05:58 PM : Feb 06, 2009
This American just kicked your azz tonight, so do a little spin with your kilt, a Bufty Scotsman is waiting - Reply to this comment
- try looking into the history of the british isle, I don''''t like my wife anymore, okay take her head off, I''''ll just marry the chambemaid.
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Posted by withad at 05:56 PM : Feb 06, 2009
And, if the church doesn''t allow me to divorce, I''ll make up my own church of England...."bear me a son, or off with your head"...lol - Reply to this comment
- try looking into the history of the british isle, I don''t like my wife anymore, okay take her head off, I''ll just marry the chambemaid.
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- we may have our disagreements about each others political party and even bash each other but as americans we have the right to do it and if you find our leaders whoever they are unexceptable to you, then stay the hell out of our message board.
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- wolfsbaneh
So how do you like a little of your own medicine, making fun of your stupid Island of Scotland, "duh, I''m a bampot Weegie, who lives near the firth of clyde..duh" - Reply to this comment
- if the scots value their freedom so much how come they are still ruled by the Queen.
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Posted by withad at 05:45 PM : Feb 06, 2009
Yeah, and why aren''t they independent already ?? I guess they voted to keep sukkling the English teat - Reply to this comment
- and before you start bashing our leaders you need to remember that it wasn''t our leader who refused to offer her sorrow that her daughter-in-law and mother of her grandchildren was killed until the entire world went into an uproar
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- Posted by wolfsbaneh at 05:48 PM : Feb 06, 2009
Well ?? what''s the woman''s purse for, that Scotish men carry? is it for cosmetics or makeup ?? or lipstick from playing with too much pipes - Reply to this comment
- sorry again wolfee, never claimed Bush was a genius, better check my post before you speak.
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- Least - the Scots value their freedom - you Assmericvnts gave away your freedom to a fvcking Codpiece !!!!
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Posted by wolfsbaneh at 05:43 PM : Feb 06, 2009
Well that Scotish Sock Knife, should be sufficient, seeing how no one in all of Britian is armed....what''s the pouch with hair on if for ? carrying your cosmetics ??.....LMAO !!!! - Reply to this comment
