The glass is half full, President Barack Obama suggested today, pictured here through a drinking glass in the Roosevelt Room, where he met with the Federal Reserve chairman and Treasury secretary and announced that he sees "glimmers of hope'' in the economy. Tribune photo by Nancy Stone.
by Mark Silva
President Barack Obama, after meeting with Federal Reserve Chairman Ben Bernanke and others today, suggested that the economy is starting to show some "glimmers of hope.''
The president had met with Bernanke, Treasury Secretary Timothy Geithner and economic adviser Larry Summers -- who already had suggested this week that the economy is no longer in a "free fall.''
"What we're starting to see is glimmers of hope across the economy," the president said, noting that the economy is "still under severe stress."
The president acknowledged the continuing problems, unemployment and the like, but also pointed to the positive signs: "Small businesses are starting to get money that allows them to keep their doors open, make payroll, and that is going to contribute to our overall economic growth, as well as help make sure that people are able to keep their jobs.
"And we have also seen this month people starting to get their first checks in terms of the tax cuts that were initiated through the recovery package,'' he said. "And when you combine it with the other efforts that are being made across the country for infrastructure projects, for the kinds of innovative energy programs that were part of the recovery package, what you're starting to see is glimmers of hope across the economy...
"The economy is still under severe stress,'' he said. "We're still seeing a lot of job losses, a lot of hardship, people finding themselves in very difficult situations either because they've lost their home, they've seen their savings deteriorate, and they're still at risk of losing their jobs....
"So we've still got a lot of work to do.''
Obama, who made just brief remarks and fielded no formal questions after the Roosevelt Room meeting, was asked: "Are you saying the recession is abating?''
"I'm saying we're seeing progress.''
"You're saying what?'' a reporter pressed.
"I've said that we're seeing progress.''
Comments
There could be no better investment in America than to invest in America becoming energy independent! We need to utilize everything in out power to reduce our dependence on foreign oil including using our own natural resources. Create cheap clean energy, new badly needed green jobs and reduce our dependence on foreign oil.The high cost of fuel this past year seriously damaged our economy and society. The cost of fuel effects every facet of consumer goods from production to shipping costs. It costs the equivalent of 60 cents per gallon to charge and drive an electric car. If all gasoline cars, trucks, and SUV's instead had plug-in electric drive trains the amount of electricity needed to replace gasoline is about equal to the estimated wind energy potential of the state of North Dakota.We have so much available to us such as wind and solar. Let's spend some of those bail out billions and get busy harnessing this energy. Create cheap clean energy, badly needed new jobs and reduce our dependence on foreign oil. What a win-win situation that would be for our nation at large! There is a really good new book out by Jeff Wilson called The Manhattan Project of 2009 Energy Independence Now.
Posted by: Sherry | April 10, 2009 5:17 PM
As I have been saying for over the past week. The recovery is occurring and not one of BO's policies had anything to do with it.
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Cancel the spendulus bill and save $780 billion
Posted by: Terry | April 10, 2009 7:40 PM
It'll never happen Terry. Canceling the stimulus package would require Obama to admit how silly it was and be a major political embarrassment. Nope. We know this economy will recover regardless of the stimulus bill, and will have to listen to Obama try to take credit. Besides, without the stimulus money, how is Harry Reid supposed to pay for high speed rail to Vegas?
Posted by: Herbie H. | April 11, 2009 3:37 PM