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WATCH: On '60 Minutes,' Obama focuses on economy

By Washington Post editors

As The Post's Lori Montgomery reported Sunday, President Obama's first sit-down interview since last week's midterm elections focused primarily on one thing: the fragile U.S. economy. More about his "60 Minutes" interview from Montgomery's report:

Without additional government action to spur hiring, President Obama said Sunday that he fears the U.S. economy could enter a "new normal" in which corporate profits are high but the number of new jobs is too low to reduce the nation's 9.6 percent unemployment rate to pre-recession levels.
"What is a danger is that we stay stuck in a new normal where unemployment rates stay high," he said in an interview aired Sunday night on CBS's "60 Minutes." "People who have jobs see their incomes go up. Businesses make big profits. But they've learned to do more with less. And so they don't hire. And as a consequence, we keep on seeing growth that is just too slow to bring back the 8 million jobs that were lost."

Watch the two parts of his interview, as they aired, or his full interview.

Part 1:

Part 2:

Obama's full interview:

By Washington Post editors  | November 8, 2010; 3:58 AM ET
Categories:  Barack Obama, Economy, Interview  
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September 14th 2010, several clean energy business groups released a study showing that the Senate's failure to pass clean energy and climate legislation will cost the United States 1.9 million jobs, including 600,000 jobs in the ten states with unemployment rates higher than ten percent. The study, A Costly Climate of Inaction, finds that in the nearly two months since the Senate failed to pass a clean energy bill, investments have already started shifting away from the United States to China and other countries.

"•In the less than two month period since the U.S. Senate failed to act on a comprehensive Climate and energy bill, the U.S. has fallen more than $11 billion behind China and other leading nations in clean energy investments. The United States is now slipping behind the rest of the world’s major economies at the rate of $208 million a day in job creating investments.

• The U.S. Senate’s failure to act on climate and energy legislation cost the United States 1.9 million jobs … and there is already clear evidence that the investments that would fuel such new jobs are shifting to other nations, notably China.

• Nearly 600,000 of the unrealized jobs were lost where they are now needed most the 10 states with unemployment rates over 10 percent: Nevada; California; Rhode Island; Florida; South Carolina; Mississippi; Oregon; Indiana; Ohio; and Illinois.

• Even states with lower unemployment levels lost hundreds of thousands of urgently needed new jobs, including more than 300,000 jobs in the following states: Arkansas; Maine; Massachusetts; Minnesota; Missouri; Montana; New Hampshire; New Jersey; Pennsylvania; and Virginia.

Posted by: Airborne82 | November 8, 2010 4:29 PM | Report abuse

Right now, America has critical needs in transportation, water systems, schools, levees, bridges, etc., infrastructure investment. At the same time, construction unemployment is high (17%), borrowing is low (

Now's the time to invest in infrastructure, but U.S. plan is too modest (Ezra Klein)

Obama, stand up and grow a pair. You have the presidency and a Senate majority. Enact bold Job creating ideas and stop bending over to the GOP. Compromise on drilling and nuclear power only made the GOP and FAUX news attack you even more whey they bent over themselves apologizing to BP. Stop compromising and end the farce. The GOP wants nothing more than high unemployment in order to boost their political and financial fortunes. Stop their Goose-stepping on American job growth in favor of Tax cuts for Billionaires.

Bending over for, and kowtowing to the GOP is why less voters went to the polls. Fighting for the Rich at the expense of the middle class and poor betrays their trust in you and other Democrats who do the same. If you support tax cuts for the rich, the middle class and poor will not bother to vote and canvass. Look at the facts: most young voters didn’t even bother to vote this election cycle. They are too busy looking for jobs that don’t exist because the wealthiest are paying little to nothing in taxes, which would otherwise be invested in job creation.

For 2012, Obama should take a history lesson from FDR's reelection in 1936

GOP intellectual cowardice and FAUX attacks on Obama

The Struggle for the Victims of Bush and Cheney’s bungled mismanagement and gutting of regulatory agencies that caused the loss of Millions of Jobs, Homes and Businesses continues.

Posted by: Airborne82 | November 8, 2010 4:23 PM | Report abuse

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