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Obama: Stimulus Helped, But Rebuilding Economy Will Take Innovation, Too

By Michael A. Fletcher
President Obama cited new economic statistics showing that the recession is easing as evidence that the oft-criticized $787 billion stimulus bill is working, but he said that for the nation's economy to prosper, it must develop new industry and better educated workers.

Obama used his weekly radio and Internet address Saturday to tout the impact of the stimulus bill and highlight the important connections between his administration's initiatives to rebuild the economy for the future.

While Obama argued that his administration's policies have "put the brakes on this recession," he acknowledged that the nation is likely to continue shedding jobs for some time to come.

"When we receive our monthly job report next week, it is likely to show that we are continuing to lose far too many jobs in this country," he said. "As far as I'm concerned, we will not have a recovery as long as we keep losing jobs. And I won't rest until every American who wants a job can find one."

For the nation to write a new chapter of prosperity, it will require workers to be better educated and new, cutting-edge industries to emerge, he said.

"Even as we rescue this economy, we must work to rebuild it stronger than before," Obama said. "We've got to build a new foundation strong enough to withstand future economic storms and support lasting prosy around renewable energy."

Obama said next week he would travel to Elkhart, Ind., to talk about his ideas for rebuilding the economy. It will be Obama's second visit as president to Elkhart, a city that has suffered one of the sharpest spikes in unemployment in the nation since the recession began.

Obama added that his plans for restructuring the nation's health care system to broaden coverage and lower future cost increases is at the center of his long-term economic blueprint.

He said health care reform would make "it possible for entrepreneurs to innovate and businesses to compete without being saddled with skyrocketing insurance costs."

By Web Politics Editor  |  August 1, 2009; 7:27 AM ET
Categories:  B_Blog , Economy  
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Ignoring economic reality is more than simply idiotic. Unemployment is not dropping, and taxes for the middle class are going up.

…..Keep saving every dime you can for tomorrow.

Posted by: JamesRaider | August 8, 2009 8:08 PM | Report abuse

''O'Bama the Divider''

The only innovation this O'Bama administration has demonstrated is how to divide, socialize and nationalize traditional American business, work ethics and family values...and I would not call this innovation, but a veiled attempt to install failed Socialist frameworks that failed in Europe. it the ''O'Bama the Divider'' rhetoric and teachable racist moments and rhetoric O'Bama himself keeps alive against (white and other minority) Americans. ''Clinging to guns and religion''; ''Don't look like the others on those dollar bills'' to Germans in Europe, prior to US elections O'Bama won by racial pull-over voting of 95% of all American black votes, 70% hispanic and 43 % white vote.

Innovation in spinning off America's greatest auto maker to the highest bidders that are part nationalized in their own countries of origin ?(Italy, Germany, France...).

Innovation in Cap and Trade, a failed system that crashed and burned a year earlier as ineffective in Europe and the creation of a new -gamblers- derrivatives market similar to the ones that have brought down markets by over 40 percent since O'bama became the presidential front runner?

Innovation while the O'Bama admnistration attempts to create another government led burocracy similar to the utterly FAILED Fannie Mae and Freddie Mac mortgage business crisis?

Innovation in propositions of higher taxes for all Americans to support social welfare spending for O'Bama constituencies who largely elected him?

Innovation in continuing to spend spend spend us all into complete we do not have...over 3 Trillion dollars and counting now?

Innovation in keeping the elitist cronies in power within his own party structure (Clintonites, Wall Street Insiders, Fed Insiders, ...)?

Let's hear ''O'Bama the Divider'' and his teachable moments about innovation and marketplace economics.

Posted by: Accuracy | August 3, 2009 10:20 AM | Report abuse

The stimulus made the U.S. economy worse as is evident by the continued downward trend of an economy in recession and the highest unemployment in U.S. history. American lost jobs, 9 million Americans have lost their jobs.

Mr. President, try something innovate for a change and rebuild the economy by providing jobs so that the millions of Americans unemployed can go back to work and earn an income. Stop spending our tax money to drive the nation further into the black hole of debt that we may never recover from and keep your promise not to increase taxes.

The innovations require to rebuild the U.S. economy is the government does no harm and the people have an opportunity to conduct business based on reliable free market principles of supply and demand and let paper money adjust to the reality of capital enterprise and overhaul guts of the economic engine.

We need a new vision of prosperous American enterprises that can be achieved by a person’s talent, hard work and productive industry. Instead, Mr. President you are driving the U.S.A. into a mediocre welfare state. More federal agencies and regulations remind astute economist of the Soviet Union’s Planning Committees before their economic failure.

Posted by: klausdmk | August 2, 2009 4:34 PM | Report abuse

Yes, innovation and educated Americans, key to what happens in the future.

Many in the business world still believe in old motto 'if it ain't broke, dont fix it.' Well this economy and all else needs fixing. Our domestic agenda has been ignored for years. Without chances for our Middle class to grow-- the country will continue in a nose dive.

Some of the well- educated are already waiting in the wings Mr. President. The Artisans are building our roads, rails. Time to talk Refresher Courses for professionals. We are all in this together. We have to catch up with the digital age/technology.

I realize jobs will take a longer time to come back given what has to be done. But you are on the right track to open the door to a brighter future for Americans --innovation and education. Lets begin the process, now!

Posted by: Victoria5 | August 2, 2009 4:33 PM | Report abuse

The Economy is NOT going to ever turn around BECAUSE of O'Bomba-Nation;

but maybe;

in SPITE of the Clown!

Posted by: SAINT---The | August 2, 2009 4:26 PM | Report abuse

And an Elitist Twit separated from Reality in his Ivory Tower says:

""When we receive our monthly job report next week, it is likely to show that we are continuing to lose far too many jobs in this country," he said. "As far as I'm concerned, we will not have a recovery as long as we keep losing jobs. And I won't rest until every American who wants a job can find one.""

Earth to Barry the phony Messiah:

Every Job allowed to an INVADING Illegal Resident(And the number keeps GROWING!), is ANOTHER Job LOST for an AMERICAN!


You pin-headed Twit;

Why don't YOU finally STOP Flying your ignorant Arse around campaigning like it is your job, and start ENFORCING Federal Labor Laws!

Which is BTW;


Posted by: SAINT---The | August 2, 2009 4:24 PM | Report abuse

Mr. Obama,

I employ 2300 folks with full healthcare all in California no less. Our company of 25 years specializes in the innovation and development of next generation proprietary technical software and hardware products.

You say we need to innovate? Mr. Obama with all due respect, we are a successful company by many standards but at this time research and development costs money so we have a choice. Put 1200 folks on the unemployment rolls to complete our projects with some that began under the Clinton/Bush administrations or continue to sell third generation products hence experiencing more offshore competition to keep our employees employed? Yes, it takes this kind of time coupled with huge capital expenditures to fully develop innovative products.

Mr. Obama? I like you very much but.....that’s a whole different ball game when I've seen complete inexperience and decisions made predicated upon that inexperience by not Barack Obama the guy I like very much but as President of the United States you are demonstrating complete overt inexperience hence ignorance.

Innovate? We have the infrastructure to innovate which gives us a head start by lights years but unfortunately Mr. Obama, we can no longer afford to innovate and that is what we do. Your asking for Houdini magic here but I think most are catching on that this is nothing more than your fine and polished oratory skills….EOM

Posted by: spiderbyte88 | August 2, 2009 1:01 PM | Report abuse

Obama: Stimulus Helped, But Rebuilding Economy Will Take Innovation, Too . . . We have already experienced their innovations, lies which have been compounded with even more lies. These guys couldn't run a Ice cream stand without screwing it up.

Posted by: pipian | August 2, 2009 11:58 AM | Report abuse

Standing down Obama for NPD sociopathic dual profiles null and voids all of his signatures. That is instant recovery, and innovative.

Money will pour out of the matress under a Biden cabinet without tax frauds who caused Madoff, and Freddie frauds.

Posted by: dottydo | August 2, 2009 11:52 AM | Report abuse

When the bank failure hit the economy initial job losses and income reductions is slowly working it's way down through most elements of the economy with business job cutbacks that actually are reflecting a return to profitability for Wall St. and the banks. I believe with housing bottoming out at the end of Sept., upbeat profit reports will have the American public spending for the coming Christmas. With oil probably under $70 and gas below $2, combined with a less than 6% mortgage rate and 0% fed bank rate, should have the upswing of job creation by next spring. Stimulus jobs were intended for 2010 in time for midterm elections. Obama's stimulus is more political in it's timing than immediately helpful other than letting local governments maintain their job force. The 3 billion clunker program is helpful to buyers, makers and is also bumping up the present economy. I think of the program as protecting our investment and the government finally helping the little guy.

Posted by: jameschirico | August 2, 2009 11:46 AM | Report abuse

One simple cost effective way to greatly reduce our dependence on foreign oil would be to drill and use domestic oil. Al Gore says no.

Posted by: XLiberalJack | August 2, 2009 7:43 AM | Report abuse

The trademark political tactic of the Obama administration is speed: ramming legislation through Congress as fast as possible — too fast for anyone to subject the bills to scrutiny, search for objectionable provisions or develop effective arguments in a public debate.

Posted by: mock1ngb1rd | August 2, 2009 7:04 AM | Report abuse

Sounds like he's trying to convince himself that he's not a clueless incompetent. Marxism is a discredited political philosophy and the sooner he recognizes this and moves into the mainstream of 21st century thought, the sooner the situation will improve. He hasn't got enough lipstick to cover up the mess he's made so far.

Posted by: jpost1 | August 2, 2009 7:02 AM | Report abuse

The problem is that the total amount of income tax collected from all individuals and small businesses is $1 trillion a year. Obama's DEFICIT is $2 trillion for the year, and then we have the $787 billion non-economic stimulus, $1.5 trillion for health care, $850 billion for Cap and Trade, $50 billion for auto bailouts which will be required every year, a 39 mpg fleet mandate which cannot be met and will result in massive penalties passed on to us, increased income taxes for some people and businesses, increased capital gains tax, increased inheritance tax, clunker rebates, and on and on. The entire economy is STOPPED waiting to see what will pass and how much damage it will do. The Obama Economy train is speeding toward the cliff and everyone is hoarding their money until they see what is going to happen. Until these issues are resolved nothing will improve and if they pass things will get worse. Save your money under your pillow.

Posted by: HarrisonG | August 2, 2009 12:33 AM | Report abuse


• Obama agenda, rule of law subverted by fed-funded, nationwide vigilante GPS-activated "Gestapo" that has co-opted and compromised local law enforcement.

• "Intelligence-based policing" a pretext for a security/military/intel social purge executed at the GRASSROOTS with the cooperation of local law enforcement.

* Microwave/laser radiation "directed energy weapons" deployed to silently TORTURE and degrade the health of American citizens.

OR (if link is corrupted / disabled): RE: "GESTAPO USA"

Posted by: scrivener50 | August 1, 2009 4:04 PM | Report abuse

I love "I have Faith in Pres. Obama". Why? He was wrong about unemployment, none of he ideas create jobs, they are all job losers. All his plans tax small businesses and stifle innovation- even tho he says he's all for it. Who is going to invest their time and money for the gov't to just walk in and take over their businesses?

He's shut down over 2000 dealerships, taken over banks, auto industry - sold Chrysler to Italians, part of GM to China.

And this is good for Americans how? What do you have faith in?

Posted by: debmries | August 1, 2009 1:03 PM | Report abuse

The economy will not recover quickly as some might hope; however, it will recover. I have faith in Pres. Obama in bringing us back.

Posted by: abby0802 | August 1, 2009 12:31 PM | Report abuse

sure obama wants time but he is only stalling until the 2010 election show where he manipulates the masses to reelect the dem majority in the house and senate...
people simply cannot wait, they want jobs now, not later...
they want opportunities now, not later...
and the people will elect those that perform, not losers the dems have turned out to be...

Posted by: DwightCollins | August 1, 2009 11:21 AM | Report abuse

I would like The President to travel to Silver Spring,Md- we are right up 16th street from his house. People from Maryland did a lot of work to help elect him- and we would like to see him- and Michelle and the girls. I hear Gov. O'Malley is traveling a lot to DC- so I hope one time he can convince the Pres. to come up the street with him to Silver Spring. I know he goes over to Bethesda because of Sidwell- but Silver Spring is a whole different world

Posted by: silverspring25 | August 1, 2009 8:29 AM | Report abuse

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