Spring Break
Obama tempers optimism with reality on economy
Liz Sidoti - Associated Press
Issue date: 4/15/09 Section: News
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In a speech at Georgetown University, Obama aimed to juggle his recent glass-half-full takes on the economy with a determination to not be stamped as naive in the face lingering problems. He summarized actions his administration has taken to steady the limping economy and coupled that with a fresh overview of his domestic goals.
The speech, which key aides had signaled in advance would not contain any major announcements, came as Obama nears his symbolic 100-day mark in office, important because that has become a traditional marker by which to judge new administrations.
"There is no doubt that times are still tough," Obama said. "But from where we stand, for the very first time, we are beginning to see glimmers of hope. And beyond that, way off in the distance, we can see a vision of an America's future that is far different than our troubled economic past."
Obama's message came on a day of conflicting economic indicators and Federal Reserve Chairman Ben Bernanke's suggestion that the recession may at last be bottoming out.
It would have been difficult to make that case based on a report the government released earlier Tuesday showing that retail sales plummeted by 1.1 percent in March, a performance much poorer than experts had anticipated. At the same time, wholesale prices dropped sharply, a strong indication that inflation appears to pose little threat to the economy.
In a speech at Morehouse College in Atlanta, Bernanke talked of flickering signs of improvement, citing recent data on home and auto sales, home building and consumer spending.
But the government's broader message - that a full turnaround might be a long time coming - may not be welcome news for a weary U.S. public.
Obama, in fact, said in his speech that a complete recovery depends on building a new foundation for the U.S. economy and making changes in the political landscape. And he said anew that rules governing the financial system must be made compatible with Digital Age technology and innovation, telling Congress that "I expect a bill to arrive on my desk for signature before the year is out."
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