Obama launched a defense of the economic progress under his administration Sunday on ABC's This Week with George Stephanopoulos, while still acknowledging how much there is left to be done.
Obama's interview comes five years after the collapse of Lehman Brothers kicked off the financial crisis at the heart of the 2007-2009 recession. That recession, Obama said Sunday, was in some ways "worse than what happened in the 1930s."
But, previewing a Monday Rose Garden speech, Obama ran off a string of accomplishments: We came in, stabilized the situation. We've now had 42 straight months of growth.
Seven and a half million new jobs created. Five hundred thousand jobs in manufacturing, 370,00 jobs in an auto industry that had completely collapsed. The banking system works, it is giving loans to companies who can get credit.
And so we have seen, I think, undoubtedly progress across the board. "But what is also true," the president said, "is that we're not near where we need to be."
The president pointed to long-term trends in the U.S. economy, where inequality has ballooned since 1979. Saying that he's capable of stoping those trends, Obama called out a portion of Congress "who's policies don't just wanna leave things alone, they actually want to accelerate these trends."
Sunday isn't just the anniversary of Lehman collapsing and the economic turmoil shifting into warp-speed. It's also five-years to the day after then-Republican presidential candidate John McCain said that "the fundamentals of our economy are strong."
yahoo.com
Obama's interview comes five years after the collapse of Lehman Brothers kicked off the financial crisis at the heart of the 2007-2009 recession. That recession, Obama said Sunday, was in some ways "worse than what happened in the 1930s."
But, previewing a Monday Rose Garden speech, Obama ran off a string of accomplishments: We came in, stabilized the situation. We've now had 42 straight months of growth.
Seven and a half million new jobs created. Five hundred thousand jobs in manufacturing, 370,00 jobs in an auto industry that had completely collapsed. The banking system works, it is giving loans to companies who can get credit.
And so we have seen, I think, undoubtedly progress across the board. "But what is also true," the president said, "is that we're not near where we need to be."
The president pointed to long-term trends in the U.S. economy, where inequality has ballooned since 1979. Saying that he's capable of stoping those trends, Obama called out a portion of Congress "who's policies don't just wanna leave things alone, they actually want to accelerate these trends."
Sunday isn't just the anniversary of Lehman collapsing and the economic turmoil shifting into warp-speed. It's also five-years to the day after then-Republican presidential candidate John McCain said that "the fundamentals of our economy are strong."
yahoo.com
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