Obama: Economy has "Core Strengths"

(AP)  President Barack Obama said Monday the U.S. economy is in good shape for the long term thanks to "core strengths" such as its universities, its innovation and a dynamic workforce.

But he also noted again how 2009 has been a sobering year for millions of newly unemployed people.

"We cannot sit back and be satisfied given the extraordinarily high unemployment levels that we've seen," Obama said in wrapping up a session with his Cabinet as other senior aides packed the meeting room. "We have only taken the first step in curing our economy."

The unemployment rate stands at a 26-year high of 10.2 percent, overshadowing more upbeat indicators such as a return in growth of the overall economy.

Obama told reporters that his Cabinet discussion included matters of national security and the upcoming budget, but the emphasis was on job creation. He recapped both his administration's efforts to help stabilize the financial sector and the web of challenges that have slowed an overall recovery.

"There are core strengths to the American economy that will put us in good stead over the long term," Obama said. He said the key is bridging that gap toward a more prosperous time and promised the gathered reporters he will not let up "until businesses are investing again and businesses are hiring again."

The president took no questions and did not respond to a reporter's query about the president's Afghanistan war review.

[endurorob_5]

starleo146 November 23, 2009 8:52 PM EST
Go ahead Mr President give Big Business what they want a tax cut maybe then they will help us out instead of holding us hostage. No don't if wall street and banks which by the way 125 have failed isn't that something? Under daddy Bush 125 savings and loans failed what the H is going on here with big business.Took all our money now hoarding it



Businesses, large or small, will not invest if they do not currently have the capital or fear there will be a shortness of capital in the future or if they feel people will not be spending. With tax increases expected it the health care debacle passes or the increase in energy costs if cap and tax passes there is little incentive for businesses to be confident to invest.

[endurorob_5]

"Core Strengths". Is that the same as "Fundamentally Sound"?

[sjc_1]

Companies do not want to employ and more people than they have to. Demand causes job creation, but when we have a crash and a credit constriction, then it slows to a crawl.

[Omnivorous]

So, the core strength is government, union jobs that support his agenda?

Great, how about the rest of the country.

[dicere]

I beginning to wonder if the people who posses these core strengths are behind the President? Surely these are some of the hardest working people in America, people who can make a difference and these are the same people who are having their taxes raised considerably. Health care cost minus the revenue is 3000 billion dollar over 10 years all on the backs of people who work, who already have health care or do not want it. Yep this is going to be great. Now we can reform cap & trade. And the new war tax.

[pjk12354]

Just imagine what this country would be like if Republicans and Democrats worked has hard for this country as they do for their parties. I always had hope that elected officials were servants to the people that elected them. They can start serving the voters who elected them any time now...............

[starleo146]

Go ahead Mr President give Big Business what they want a tax cut maybe then they will help us out instead of holding us hostage. No don't if wall street and banks which by the way 125 have failed isn't that something? Under daddy Bush 125 savings and loans failed what the H is going on here with big business.Took all our money now hoarding it