Obama From Georgetown

Just a few moments ago President Obama addressed the public about the economy at Georgetown University...

For those of you still grappling with how we got into this economic mess, he provided a great, simple summary of what and walked us through how it happened concisely. The President accurately described it as a "perfect storm of irresponsibility and poor decision making... passing off risks to someone else." Essentially how we built this economic bubble and caused it to burst.

President Obama then talked about how the administration is trying to "attack all fronts of the economic crisis simultaneously." He had an underlying theme of Sustainability which is sooooo important and I touched on in my previous blog. America has simply not had a sustainable economy and that they are working to put in a 5 step plan that aims to make our country more sustainable...

1) New Rules for Wall St- There will be rules that punish shortcuts and abuse. There will be rules that tie a person's pay to their job performance- "A novel idea" he said sarcastically. There will be new regulations to protect the families and he expects to have this new bill on his desk before the end of the year.
Yeah right... ill believe it when I see it.

2) New Investments in Education- " It is time for America to lead once again" in graduation percentage- he hopes to lead the world once again by 2020. This has to begin at an early age and tax credits for college education are on the way. "Our best and brightest" need to be "committed to making things... Engineers. Scientists. Innovators." He says this is essential so people start buying things American once again.
Duh, how else are we gunna make any money to pay back China?

3) Investments in Renewable Energy- In hopes to create new jobs and industries Obama is tired of being "outpaced" by other countries around the world. "America can no longer delay putting a clean energy framework."
Easier said then done- the costs of renewable energy are still too high but I do see him adding tons of new jobs through the "Green" industry.

4) Health Care- Skyrocketing premiums need to slow and we need to take more steps towards what he called "preventative care." This is Obama's focus and defends these investments vehemently- we cannot forget to keep "an eye to the future" while we focus on the here and now.
Why don't we take a page out of Sweden's book... Personally, I like that this is one of his core focuses- A healthy America is needed desperately.

5) New Savings in the National Budget- this is essential in hopes to bring down the national deficit for future generations. We need to do more but there has been a good start. We will root out the programs that cont work to make room for the ones we need- Entitlement reform such as health care will lead.
I'm not holding my breath. Go buy a Rosetta Stone for Chinese kids...

After outlining the "5 pillars" of building the new America on "a rock" he addressed his critics-
"The worst thing a government can do is to stop spending during a recession." Businesses and families are cutting back at a record pace and if the government were to as well the results would be catastrophic and apocolyptic for the country.

"There are glimmers of hope, but we are not out of the woods yet."

I thought it was an extremely comprehensive speech that addressed where we are, how we got here and where we go from here. Sitting at the 12 week mark, the administration says there will be "more job loss, more foreclosures and more pain before it ends." Understandly, progress will take time so lets all brace ourselves.

Obama is a stoic and inspiring figure- he knows how to captivate a nation and restore hope. He can rally the masses like no other president I have ever seen. His ability to speak off the cuff is uncanny. Yes, Obama I believe in you. But I, like many, have reservations about the future of this nation. Perhaps it stems from my lack of faith in Wall St and the greed of those who make their living on it.