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President-elect Obama on Thursday plans to highlight the
need for a massive stimulus measure by saying that only the government has the
power to jumpstart the ailing economy. “If nothing is done, this recession could linger for
years. The unemployment rate could reach double digits. Our economy could fall $1 trillion short of
its full capacity, which translates into more than $12,000 in lost income for a
family of four,” Obama will say during an address at George Mason University,
according to prepared remarks released by his staff.
“It is true that we cannot depend on government alone to
create jobs or long-term growth, but at this particular moment, only government
can provide the short-term boost necessary to lift us from a recession this
deep and severe,” he plans to say. “Only government can break the vicious
cycles that are crippling our economy – where a lack of spending leads to lost
jobs which leads to even less spending; where an inability to lend and borrow
stops growth and leads to even less credit.”
Obama is advocating a stimulus package that focuses on
infrastructure improvements, investments in alternative energy, education and
healthcare, as well as tax cuts for the middle class.
“It is time to set a new course for this economy, and
that change must begin now. We should have an open and honest discussion about
this recovery plan in the days ahead, but I urge Congress to move as quickly as
possible on behalf of the American people,” Obama plans to say. “For every day
we wait or point fingers or drag our feet, more Americans will lose their jobs.
More families will lose their savings. More dreams will be deferred and
denied. And our nation will sink deeper
into a crisis that, at some point, we may not be able to reverse.”
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