EconomicGreenfield

I found President Obama’s State of the Union Address last night to contain some noteworthy comments.  While I could comment extensively on many parts of the speech, for now I will indicate excerpts that I found most relevant, and may comment upon them at a future point.  I am highlighting these excerpts for many reasons; it should be noted that I do not necessarily agree with all of them.

Here are the excerpts I found most relevant, in the order they occurred in the speech:

Think about the America within our reach:  A country that leads the world in educating its people.  An America that attracts a new generation of high-tech manufacturing and high-paying jobs.  A future where we’re in control of our own energy, and our security and prosperity aren’t so tied to unstable parts of the world.  An economy built to last, where hard work pays off, and responsibility is rewarded.

We can do this.  I know we can, because we’ve done it before.

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…the basic American promise that if you worked hard, you could do well enough to raise a family, own a home, send your kids to college, and put a little away for retirement.

The defining issue of our time is how to keep that promise alive.  No challenge is more urgent.  No debate is more important.  We can either settle for a country where a shrinking number of people do really well while a growing number of Americans barely get by, or we can restore an economy where everyone gets a fair shot, and everyone does their fair share, and everyone plays by the same set of rules.  (Applause.)  What’s at stake aren’t Democratic values or Republican values, but American values.  And we have to reclaim them.

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Tonight, I want to speak about how we move forward, and lay out a blueprint for an economy that’s built to last -– an economy built on American manufacturing, American energy, skills for American workers, and a renewal of American values.

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On the day I took office, our auto industry was on the verge of collapse.  Some even said we should let it die.  With a million jobs at stake, I refused to let that happen.  In exchange for help, we demanded responsibility.  We got workers and automakers to settle their differences.  We got the industry to retool and restructure.  Today, General Motors is back on top as the world’s number-one automaker.  (Applause.)  Chrysler has grown faster in the U.S. than any major car company.  Ford is investing billions in U.S. plants and factories.  And together, the entire industry added nearly 160,000 jobs.

We bet on American workers.  We bet on American ingenuity.  And tonight, the American auto industry is back.

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Third, if you’re an American manufacturer, you should get a bigger tax cut.  If you’re a high-tech manufacturer, we should double the tax deduction you get for making your products here.  And if you want to relocate in a community that was hit hard when a factory left town, you should get help financing a new plant, equipment, or training for new workers.  (Applause.)

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The Special Note summarizes my overall thoughts about our economic situation

SPX at 1314.65 as this post is written

On September 8, President Obama gave the Address by the President to a Joint Session of Congress.  It concerned the economy and the American Jobs Act.  (I highlighted what I believed to be the most notable excerpts in a September 9 blog post titled “President Obama’s Address of September 8 2011“)

In the Address, President Obama said the following:

President Kennedy once said, “Our problems are man-made –- therefore they can be solved by man.  And man can be as big as he wants.”

This quote is from President Kennedy’s American University Speech of June 10, 1963.  (another transcript is found here.)

I find this quote to be interesting in its logic.  From today’s perspective, how applicable is it to our economic problems, the context in which President Obama was referring to?

I continue to believe that our current economic situation is of great complexity.  As I wrote in “A Special Note On Our Economic Situation” :

What separates this period of economic weakness from those that have preceded it is its complexity.

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The Special Note summarizes my overall thoughts about our economic situation

SPX at 1160.40 as this post is written

I found last night’s State of the Union Address to contain many noteworthy comments.  While I could comment extensively on many parts of the speech, for now I will indicate excerpts that I found most relevant, and may comment upon them at a future point.  I am highlighting these excerpts for many reasons; it should be noted that I do not necessarily agree with all of them.

Here are the excerpts I found most relevant, in the order they occurred in the speech:

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“At stake is whether new jobs and industries take root in this country, or somewhere else. It’s whether the hard work and industry of our people is rewarded. It’s whether we sustain the leadership that has made America not just a place on a map, but a light to the world.”

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“We measure progress by the success of our people. By the jobs they can find and the quality of life those jobs offer.”

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“The steps we’ve taken over the last two years may have broken the back of this recession – but to win the future, we’ll need to take on challenges that have been decades in the making.”

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“Sustaining the American Dream has never been about standing pat. It has required each generation to sacrifice, and struggle, and meet the demands of a new age.”

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“That’s what Americans have done for over two hundred years: reinvented ourselves.”

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“Meanwhile, when our own engineers graded our nation’s infrastructure, they gave us a “D.””

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“Now, the final step – a critical step – in winning the future is to make sure we aren’t buried under a mountain of debt.”

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“But now that the worst of the recession is over, we have to confront the fact that our government spends more than it takes in. That is not sustainable.  Every day, families sacrifice to live within their means. They deserve a government that does the same.”

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“We shouldn’t just give our people a government that’s more affordable. We should give them a government that’s more competent and efficient. We cannot win the future with a government of the past.”

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“A 21st century government that’s open and competent. A government that lives within its means. An economy that’s driven by new skills and ideas. Our success in this new and changing world will require reform, responsibility, and innovation. It will also require us to approach that world with a new level of engagement in our foreign affairs.”

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“We may have differences in policy, but we all believe in the rights enshrined in our Constitution. We may have different opinions, but we believe in the same promise that says this is a place where you can make it if you try. We may have different backgrounds, but we believe in the same dream that says this is a country where anything’s possible. No matter who you are. No matter where you come from.”

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“The idea of America endures. Our destiny remains our choice. And tonight, more than two centuries later, it is because of our people that our future is hopeful, our journey goes forward, and the state of our union is strong.”

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A Special Note concerning our economic situation is found here

SPX at 1291.18 as this post is written

On Sunday, President Obama was interviewed on “60 Minutes.”

Here are four excerpts from the transcript that I found especially noteworthy.  I may comment upon them in the future as I find them, in various ways, to be (at least) somewhat provocative:

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President Obama:  “And so, you know, the playing field now is a lot bigger and a lot more competitive than it used to be. And people rightly worry that if we don’t make some fundamental fixes to the economy, that America may not be the preeminent economic power that it’s been in the past.

Now, I have confidence that it will be. Because we still have the best universities. The best scientists. The most productive workers in the world. We’ve got the most entrepreneurial culture. And the strongest capital markets in the world. So, I’m still confident that America will see the 21st Century as the American century just as the 20th Century was. But that won’t happen unless we make some big fundamental changes. And that’s why even in the midst of crisis, we still spent time on things like education reform. Because if we don’t deal with ‘em now, we’re gonna fall behind.”

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“I think that the way to think about it is the dangers of a second big recession are now much reduced. The danger of us tipping into a great depression, I think most economists would say, is not there on the horizon.”

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President Obama:  “I think we have to make sure that people understand and business understands that my overarching philosophy is not one in which we have constantly increasing government intervention.”

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President Obama:  “And especially an economy this big, there are limited tools to encourage the kind of job growth that we need. But I have fundamental confidence in this country. I am constantly reminded that we have been through worse times than these, and we’ve always come out on top. And I’m positive that the same thing is gonna happen this time.

You know, there are gonna be setbacks, and we may take two steps forward and one step back, but the trajectory of this country is always positive. And that’s something that that prevents me from getting too discouraged.”

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A Special Note concerning our economic situation is found here

SPX at 1222.70 as this post is written