AT ISSUE: President Obama held a press conference Tuesday in which he addressed activity on the economic stimulus bill. Given that the economy is of global concern and students are following the activity closely, how does one interpret Obama’s conversation with the press?
Matthew Keever: Obama determined to stick to his guns
On Tuesday, President Obama held a news conference at the White House.’
Before addressing questions from the correspondents, he gave the nation an update on how his administration is moving the economy ‘from recession to recovery, and ultimately to prosperity.’
The banking industry and housing market are making progress, Obama said, largely because of his economic stimulus plan.’
He warned progress could stall if his budget proposal is not passed by Congress. The blueprint of said budget worries even some Democrats.
‘ ‘We will continue to do whatever is necessary in the weeks ahead to ensure the banks Americans depend on have the money they need to lend, even if the economy gets worse,’ Obama said.
Critics, both Democratic and Republican, feel America cannot afford Obama’s health care overhaul or his costly plan to fight global warming.’
Defending his plan, Obama called critics (specifically Republican critics) shortsighted, reminding Americans of the $1.3 trillion deficit he inherited from a Republican administration.
For all of his talk of an inherited deficit and cautionary words to the public, Obama himself does not seem wary to spend.
Obama also defended his response to lavish AIG bonuses, which many Americans felt was late and unemotional.’
In response to a loaded question posed by CNN’s Ed Henry, which implied Obama waited to speak on the issue until he had no choice, Obama said, ‘I like to know what I’m talking about before I speak.’
It was nice to see Obama show a bit of emotion and even an underlying bit of anger, though he managed to stay poised throughout.’
Our new president will have to get used to finally getting asked the tough questions because Americans want answers.
Concerning the economy overall, Obama said he is pleased with what his administration has accomplished.’
Though optimistic and relatively buoyant throughout the news conference, Obama repeatedly sounded notes of caution to the American people.
‘ ‘I’m a big believer in persistence,’ he said, noting his own campaign for presidency.
Andrew Taylor: Obama taking gamble with recovery plan
His tone confident and rhetoric solid, PresidentObama informed the nation of progress that is becoming evident and answered questions with confidence and real solutions on Tuesday during a news conference at the White House.’
Journalists are not economists, and neither is the president. Our nation’s problem and most pertinent crisis is our economy.’
This is no surprise, and almost the whole briefing focused on it. As a nation, we are eager to feel better times and even more eager for our country to improve. ‘
The president’s budget, which he continually mentioned, looks encouraging, but is not an ending solution to our economic woes. It is neither a ‘silver bullet’ nor a ‘quick fix’.’ The most crucial aspect of this crisis for Obama is time, and unfortunately it is not on his side.
In his address last night, Obama mentioned that Treasury Secretary Timothy Geithner had announced a plan that will ‘partner government resources and private investment to buy up the assets that our preventing our banks from lending money.’ These government resources, which are our tax dollars, will be the capital private investors use to purchase these bank assets. The problem, as economists such as Paul Krugman see, is it creates an unfair, old situation unlikely to resolve our country’s banking and financial crisis.’
Wall Street working with taxpayer dollars to solve our crisis by buying ‘toxic’ assets is basically a risk-free situation for the investors and an enormous gamble for Obama and our country.’
If the investors profit, they cash in. If they lose on this, they can walk because it wasn’t their capital to begin with.’
The wager for this bet is Obama’s credibility and support from Congress, something he can’t afford to lose. If Geithner’s plan is implemented and fails to provide an adequate remedy, Obama could find himself in a bigger bind.’
‘This plan has already saved the jobs of police officers and teachers,’ Obama said Tuesday. ‘It’s creating construction jobs to rebuild roads and bridges.”
What he did not mention was our unemployment rate is still on the rise and nearing double digits. Time is of the essence, and although our government could surely use a ‘silver bullet’ for the economic crisis, careful decision-making is crucial.’
At this moment, mistakes can’t be afforded. If mistakes occur, doubt and opposition from Congress and Americans will follow.
Alana MousaviDin: Americans should exercise more patience
President Obama’s speech Tuesday simply addressed the nation’s fears of massive economic downfall.
Obama explained the efforts of the stimulus plan and how it is affecting businesses, individuals and the government.
One of the most poignant aspects were his examples of how individuals are working to better their workplace for all employees by reducing their work week by one day so no one has to lose a job. This not only shows the compassion felt by our president, but the compassion of the citizens of our country to help make these hard times a little easier to deal with.
From students to retirees, the recession is being felt in ways unknown to most. Far from nearing a second Great Depression, what we are experiencing now is merely the crunch of our own fallacies in managing money.’
Former President George W. Bush led us into a war that cost more than what we might have originally thought, thus furthering our national deficit. Americans relied on credit for purchases they did not have cash flow for, businesses spent more than they could make and the trust in our financial institutions began to falter.
Obama is trying to help us get through the worst of these times. Yes, his speech seemed a little defensive, but with reason. His plan has been attacked from just about every angle possible.’
What people don’t seem to remember is that we have to get through the dark times before we can see the light. Meaning, we will feel the pain of cutbacks, from finances, jobs, and production. However, these very things will enable us to spend more wisely, cherish the jobs we have and not take the things we have for granted.
The task at hand for Obama is daunting to say the least, but he has tackled it head on, explaining every detail in a way that every citizen can understand and while many might not understand the entire process, they trust that the national deficit will be reduced.
‘ ‘Look, if this were easy, then we would have already had it done, the budget would have already been voted on, and everybody could just go home,’ Obama said. ‘This is hard, and the reason it’s hard is because we have accumulated a structural deficit that’s going to take a long time, and we’re not going to be able to do it in the next year, or the year after or three years from now.’
We all just need to have a little trust and a lot of patience.
