Tag Archives: President Obama

The State of the Union Address – Notable Excerpts

I found President Obama’s State of the Union Address last night (January 12, 2016) 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 with regard to the economic situation, 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 any or all of them.

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

Let me start with the economy, and a basic fact: the United States of America, right now, has the strongest, most durable economy in the world.  We’re in the middle of the longest streak of private-sector job creation in history.  More than 14 million new jobs; the strongest two years of job growth since the ‘90s; an unemployment rate cut in half.  Our auto industry just had its best year ever.  Manufacturing has created nearly 900,000 new jobs in the past six years.  And we’ve done all this while cutting our deficits by almost three-quarters.

Anyone claiming that America’s economy is in decline is peddling fiction.  What is true – and the reason that a lot of Americans feel anxious – is that the economy has been changing in profound ways, changes that started long before the Great Recession hit and haven’t let up.  Today, technology doesn’t just replace jobs on the assembly line, but any job where work can be automated.  Companies in a global economy can locate anywhere, and face tougher competition.  As a result, workers have less leverage for a raise.  Companies have less loyalty to their communities.  And more and more wealth and income is concentrated at the very top.

All these trends have squeezed workers, even when they have jobs; even when the economy is growing.  It’s made it harder for a hardworking family to pull itself out of poverty, harder for young people to start on their careers, and tougher for workers to retire when they want to.  And although none of these trends are unique to America, they do offend our uniquely American belief that everybody who works hard should get a fair shot.

For the past seven years, our goal has been a growing economy that works better for everybody.  We’ve made progress.  But we need to make more.  And despite all the political arguments we’ve had these past few years, there are some areas where Americans broadly agree.

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Of course, a great education isn’t all we need in this new economy.  We also need benefits and protections that provide a basic measure of security.  After all, it’s not much of a stretch to say that some of the only people in America who are going to work the same job, in the same place, with a health and retirement package, for 30 years, are sitting in this chamber.  For everyone else, especially folks in their forties and fifties, saving for retirement or bouncing back from job loss has gotten a lot tougher.  Americans understand that at some point in their careers, they may have to retool and retrain.  But they shouldn’t lose what they’ve already worked so hard to build.

That’s why Social Security and Medicare are more important than ever; we shouldn’t weaken them, we should strengthen them.  And for Americans short of retirement, basic benefits should be just as mobile as everything else is today.  That’s what the Affordable Care Act is all about.  It’s about filling the gaps in employer-based care so that when we lose a job, or go back to school, or start that new business, we’ll still have coverage.  Nearly eighteen million have gained coverage so far.  Health care inflation has slowed.  And our businesses have created jobs every single month since it became law.

Now, I’m guessing we won’t agree on health care anytime soon.  But there should be other ways both parties can improve economic security.  Say a hardworking American loses his job – we shouldn’t just make sure he can get unemployment insurance; we should make sure that program encourages him to retrain for a business that’s ready to hire him.  If that new job doesn’t pay as much, there should be a system of wage insurance in place so that he can still pay his bills.  And even if he’s going from job to job, he should still be able to save for retirement and take his savings with him.  That’s the way we make the new economy work better for everyone.

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The Special Note summarizes my overall thoughts about our economic situation

SPX at 1943.69 as this post is written

The State of the Union Address – Notable Excerpts

I found President Obama’s State of the Union Address last night (January 20, 2015) 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 with regard to the economic situation, 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 any or all of them.

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

Tonight, after a breakthrough year for America, our economy is growing and creating jobs at the fastest pace since 1999.  Our unemployment rate is now lower than it was before the financial crisis.  More of our kids are graduating than ever before; more of our people are insured than ever before; we are as free from the grip of foreign oil as we’ve been in almost 30 years.

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The shadow of crisis has passed, and the State of the Union is strong.

At this moment – with a growing economy, shrinking deficits, bustling industry, and booming energy production – we have risen from recession freer to write our own future than any other nation on Earth.  It’s now up to us to choose who we want to be over the next fifteen years, and for decades to come.

Will we accept an economy where only a few of us do spectacularly well?  Or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort?

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America, Rebekah and Ben’s story is our story.  They represent the millions who have worked hard, and scrimped, and sacrificed, and retooled.  You are the reason I ran for this office.  You’re the people I was thinking of six years ago today, in the darkest months of the crisis, when I stood on the steps of this Capitol and promised we would rebuild our economy on a new foundation.  And it’s been your effort and resilience that has made it possible for our country to emerge stronger.

We believed we could reverse the tide of outsourcing, and draw new jobs to our shores.  And over the past five years, our businesses have created more than 11 million new jobs.

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We believed that sensible regulations could prevent another crisis, shield families from ruin, and encourage fair competition.  Today, we have new tools to stop taxpayer-funded bailouts, and a new consumer watchdog to protect us from predatory lending and abusive credit card practices.  And in the past year alone, about ten million uninsured Americans finally gained the security of health coverage.

At every step, we were told our goals were misguided or too ambitious; that we would crush jobs and explode deficits.  Instead, we’ve seen the fastest economic growth in over a decade, our deficits cut by two-thirds, a stock market that has doubled, and health care inflation at its lowest rate in fifty years.

So the verdict is clear.  Middle-class economics works.  Expanding opportunity works.  And these policies will continue to work, as long as politics don’t get in the way.  We can’t slow down businesses or put our economy at risk with government shutdowns or fiscal showdowns.  We can’t put the security of families at risk by taking away their health insurance, or unraveling the new rules on Wall Street, or refighting past battles on immigration when we’ve got a system to fix.  And if a bill comes to my desk that tries to do any of these things, it will earn my veto.

Today, thanks to a growing economy, the recovery is touching more and more lives.  Wages are finally starting to rise again.  We know that more small business owners plan to raise their employees’ pay than at any time since 2007.  But here’s the thing – those of us here tonight, we need to set our sights higher than just making sure government doesn’t halt the progress we’re making.  We need to do more than just do no harm.  Tonight, together, let’s do more to restore the link between hard work and growing opportunity for every American.

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In fact, at every moment of economic change throughout our history, this country has taken bold action to adapt to new circumstances, and to make sure everyone gets a fair shot.  We set up worker protections, Social Security, Medicare, and Medicaid to protect ourselves from the harshest adversity.  We gave our citizens schools and colleges, infrastructure and the internet – tools they needed to go as far as their effort will take them.

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Of course, nothing helps families make ends meet like higher wages.  That’s why this Congress still needs to pass a law that makes sure a woman is paid the same as a man for doing the same work.  Really.  It’s 2015.  It’s time.  We still need to make sure employees get the overtime they’ve earned.  And to everyone in this Congress who still refuses to raise the minimum wage, I say this:  If you truly believe you could work full-time and support a family on less than $15,000 a year, go try it.  If not, vote to give millions of the hardest-working people in America a raise.

These ideas won’t make everybody rich, or relieve every hardship.  That’s not the job of government.  To give working families a fair shot, we’ll still need more employers to see beyond next quarter’s earnings and recognize that investing in their workforce is in their company’s long-term interest.  We still need laws that strengthen rather than weaken unions, and give American workers a voice.  But things like child care and sick leave and equal pay; things like lower mortgage premiums and a higher minimum wage – these ideas will make a meaningful difference in the lives of millions of families.  That is a fact.  And that’s what all of us – Republicans and Democrats alike – were sent here to do.

Second, to make sure folks keep earning higher wages down the road, we have to do more to help Americans upgrade their skills.

America thrived in the 20th century because we made high school free, sent a generation of GIs to college, and trained the best workforce in the world.  But in a 21st century economy that rewards knowledge like never before, we need to do more.

By the end of this decade, two in three job openings will require some higher education.  Two in three.  And yet, we still live in a country where too many bright, striving Americans are priced out of the education they need.  It’s not fair to them, and it’s not smart for our future.

That’s why I am sending this Congress a bold new plan to lower the cost of community college – to zero.

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Since 2010, America has put more people back to work than Europe, Japan, and all advanced economies combined.  Our manufacturers have added almost 800,000 new jobs.  Some of our bedrock sectors, like our auto industry, are booming.  But there are also millions of Americans who work in jobs that didn’t even exist ten or twenty years ago – jobs at companies like Google, and eBay, and Tesla.

So no one knows for certain which industries will generate the jobs of the future.  But we do know we want them here in America.  That’s why the third part of middle-class economics is about building the most competitive economy anywhere, the place where businesses want to locate and hire.

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The Special Note summarizes my overall thoughts about our economic situation

SPX at 2034.50 as this post is written

The State of the Union Address – Notable Excerpts

I found President Obama’s State of the Union Address (transcript from the Wall Street Journal) 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 with regard to the economic situation, 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:

Let’s face it:  That belief has suffered some serious blows. Over more than three decades, even before the Great Recession hit, massive shifts in technology and global competition had eliminated a lot of good, middle-class jobs, and weakened the economic foundations that families depend on.

Today, after four years of economic growth, corporate profits and stock prices have rarely been higher, and those at the top have never done better.  But average wages have barely budged.  Inequality has deepened.  Upward mobility has stalled.  The cold, hard fact is that even in the midst of recovery, too many Americans are working more than ever just to get by, let alone to get ahead.  And too many still aren’t working at all.

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Opportunity is who we are.  And the defining project of our generation must be to restore that promise.  We know where to start:  The best measure of opportunity is access to a good job. With the economy picking up speed, companies say they intend to hire more people this year.  And over half of big manufacturers say they’re thinking of insourcing jobs from abroad.  (Applause.)

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The ideas I’ve outlined so far can speed up growth and create more jobs.  But in this rapidly changing economy, we have to make sure that every American has the skills to fill those jobs.  The good news is we know how to do it.

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The Special Note summarizes my overall thoughts about our economic situation

SPX at 1792.50 as this post is written

The State of the Union Address – Notable Excerpts

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 with regard to the economic situation, 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:

But we gather here knowing that there are millions of Americans whose hard work and dedication have not yet been rewarded.  Our economy is adding jobs — but too many people still can’t find full-time employment.  Corporate profits have skyrocketed to all-time highs — but for more than a decade, wages and incomes have barely budged.

It is our generation’s task, then, to reignite the true engine of America’s economic growth — a rising, thriving middle class.  (Applause.)

It is our unfinished task to restore the basic bargain that built this country — the idea that if you work hard and meet your responsibilities, you can get ahead, no matter where you come from, no matter what you look like, or who you love.

It is our unfinished task to make sure that this government works on behalf of the many, and not just the few; that it encourages free enterprise, rewards individual initiative, and opens the doors of opportunity to every child across this great nation.  (Applause.)

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Now, most of us agree that a plan to reduce the deficit must be part of our agenda.  But let’s be clear, deficit reduction alone is not an economic plan.  (Applause.)  A growing economy that creates good, middle-class jobs — that must be the North Star that guides our efforts.  (Applause.)  Every day, we should ask ourselves three questions as a nation:  How do we attract more jobs to our shores?  How do we equip our people with the skills they need to get those jobs?  And how do we make sure that hard work leads to a decent living?

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Our first priority is making America a magnet for new jobs and manufacturing.  After shedding jobs for more than 10 years, our manufacturers have added about 500,000 jobs over the past three.  Caterpillar is bringing jobs back from Japan.  Ford is bringing jobs back from Mexico.  And this year, Apple will start making Macs in America again.  (Applause.)

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America’s energy sector is just one part of an aging infrastructure badly in need of repair.  Ask any CEO where they’d rather locate and hire — a country with deteriorating roads and bridges, or one with high-speed rail and Internet; high-tech schools, self-healing power grids.  The CEO of Siemens America — a company that brought hundreds of new jobs to North Carolina — said that if we upgrade our infrastructure, they’ll bring even more jobs.  And that’s the attitude of a lot of companies all around the world.  And I know you want these job-creating projects in your district.  I’ve seen all those ribbon-cuttings. (Laughter.)

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And part of our rebuilding effort must also involve our housing sector.  The good news is our housing market is finally healing from the collapse of 2007.  Home prices are rising at the fastest pace in six years.  Home purchases are up nearly 50 percent, and construction is expanding again.

But even with mortgage rates near a 50-year low, too many families with solid credit who want to buy a home are being rejected.  Too many families who never missed a payment and want to refinance are being told no.  That’s holding our entire economy back.  We need to fix it.

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Now, even with better high schools, most young people will need some higher education.  It’s a simple fact the more education you’ve got, the more likely you are to have a good job and work your way into the middle class.  But today, skyrocketing costs price too many young people out of a higher education, or saddle them with unsustainable debt.

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We know our economy is stronger when we reward an honest day’s work with honest wages.  But today, a full-time worker making the minimum wage earns $14,500 a year.  Even with the tax relief we put in place, a family with two kids that earns the minimum wage still lives below the poverty line.  That’s wrong.  That’s why, since the last time this Congress raised the minimum wage, 19 states have chosen to bump theirs even higher.

Tonight, let’s declare that in the wealthiest nation on Earth, no one who works full-time should have to live in poverty, and raise the federal minimum wage to $9.00 an hour.  (Applause.) We should be able to get that done.  (Applause.)

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Tonight, let’s also recognize that there are communities in this country where no matter how hard you work, it is virtually impossible to get ahead.  Factory towns decimated from years of plants packing up.  Inescapable pockets of poverty, urban and rural, where young adults are still fighting for their first job.  America is not a place where the chance of birth or circumstance should decide our destiny.  And that’s why we need to build new ladders of opportunity into the middle class for all who are willing to climb them.

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The Special Note summarizes my overall thoughts about our economic situation

SPX at 1519.43 as this post is written

The State of the Union Address – Notable Excerpts

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

Our Current Economic “Man-Made Problems”

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

President Obama’s Address Of September 8 2011 – Notable Excerpts

Last night President Obama made an address before the Joint Session of Congress, with regard to the American Jobs Act.   (also, for reference, a September 9 Bloomberg article titled “Obama Proposes $447 Billion Jobs Stimulus Plan.”)

While I don’t agree with various parts of the speech, I do find the following to be notable:

These men and women grew up with faith in an America where hard work and responsibility paid off.  They believed in a country where everyone gets a fair shake and does their fair share — where if you stepped up, did your job, and were loyal to your company, that loyalty would be rewarded with a decent salary and good benefits; maybe a raise once in a while.  If you did the right thing, you could make it.  Anybody could make it in America.

For decades now, Americans have watched that compact erode.  They have seen the decks too often stacked against them.  And they know that Washington has not always put their interests first.

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I am sending this Congress a plan that you should pass right away.  It’s called the American Jobs Act.  There should be nothing controversial about this piece of legislation.  Everything in here is the kind of proposal that’s been supported by both Democrats and Republicans — including many who sit here tonight.  And everything in this bill will be paid for.  Everything.  (Applause.)

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This is the American Jobs Act.  It will lead to new jobs for construction workers, for teachers, for veterans, for first responders, young people and the long-term unemployed.  It will provide tax credits to companies that hire new workers, tax relief to small business owners, and tax cuts for the middle class.  And here’s the other thing I want the American people to know:  The American Jobs Act will not add to the deficit.  It will be paid for.  And here’s how.  (Applause.)

The agreement we passed in July will cut government spending by about $1 trillion over the next 10 years.  It also charges this Congress to come up with an additional $1.5 trillion in savings by Christmas.  Tonight, I am asking you to increase that amount so that it covers the full cost of the American Jobs Act.  And a week from Monday, I’ll be releasing a more ambitious deficit plan — a plan that will not only cover the cost of this jobs bill, but stabilize our debt in the long run.  (Applause.)

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Now, the American Jobs Act answers the urgent need to create jobs right away.  But we can’t stop there.  As I’ve argued since I ran for this office, we have to look beyond the immediate crisis and start building an economy that lasts into the future — an economy that creates good, middle-class jobs that pay well and offer security.  We now live in a world where technology has made it possible for companies to take their business anywhere.  If we want them to start here and stay here and hire here, we have to be able to out-build and out-educate and out-innovate every other country on Earth.  (Applause.)

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I don’t pretend that this plan will solve all our problems. It should not be, nor will it be, the last plan of action we propose.  What’s guided us from the start of this crisis hasn’t been the search for a silver bullet.  It’s been a commitment to stay at it — to be persistent — to keep trying every new idea that works, and listen to every good proposal, no matter which party comes up with it.

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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.”

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In December 2008 I wrote an article titled “President Obama’s Greatest Challenge

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The Special Note summarizes my overall thoughts about our economic situation

SPX at 1185.90 as this post is written

President Obama’s August 8 Remarks – Notable Excerpts

Yesterday, President Obama delivered an address in large part concerning the credit downgrade and the economy. (The transcript is seen at WhiteHouse.gov titled “Remarks by the President“)

Although I don’t agree with many aspects of the speech, I found various parts of this speech to be notable.  Here are various facets that I found particularly noteworthy:

The markets, on the other hand, continue to believe our credit status is AAA.  In fact, Warren Buffett, who knows a thing or two about good investments, said, “If there were a quadruple-A rating, I’d give the United States that.”  I, and most of the world’s investors, agree.

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So all of this is a legitimate source of concern.  But here’s the good news:  Our problems are eminently solvable.*  And we know what we have to do to solve them.  With respect to debt, our problem is not confidence in our credit — the markets continue to reaffirm our credit as among the world’s safest.  Our challenge is the need to tackle our deficits over the long term.

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What we need to do now is combine those spending cuts with two additional steps:  tax reform that will ask those who can afford it to pay their fair share and modest adjustments to health care programs like Medicare.

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Of course, as worrisome as the issues of debt and deficits may be, the most immediate concern of most Americans, and of concern to the marketplace as well, is the issue of jobs and the slow pace of recovery coming out of the worst recession in our lifetimes.

And the good news here is that by coming together to deal with the long-term debt challenge, we would have more room to implement key proposals that can get the economy to grow faster.  Specifically, we should extend the payroll tax cut as soon as possible, so that workers have more money in their paychecks next year and businesses have more customers next year.

We should continue to make sure that if you’re one of the millions of Americans who’s out there looking for a job, you can get the unemployment insurance that your tax dollars contributed to.  That will also put money in people’s pockets and more customers in stores.

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I know we’re going through a tough time right now.  We’ve been going through a tough time for the last two and a half years.  And I know a lot of people are worried about the future.  But here’s what I also know:  There will always be economic factors that we can’t control –- earthquakes, spikes in oil prices, slowdowns in other parts of the world.  But how we respond to those tests — that’s entirely up to us.

Markets will rise and fall, but this is the United States of America.  No matter what some agency may say, we’ve always been and always will be a AAA country.  For all of the challenges we face, we continue to have the best universities, some of the most productive workers, the most innovative companies, the most adventurous entrepreneurs on Earth.  What sets us apart is that we’ve always not just had the capacity, but also the will to act — the determination to shape our future; the willingness in our democracy to work out our differences in a sensible way and to move forward, not just for this generation but for the next generation.

And we’re going to need to summon that spirit today.  The American people have been through so much over the last few years, dealing with the worst recession, the biggest financial crisis since the 1930s, and they’ve done it with grace.  And they’re working so hard to raise their families, and all they ask is that we work just as hard, here in this town, to make their lives a little easier.  That’s not too much to ask.  And ultimately, the reason I am so hopeful about our future — the reason I have faith in these United States of America — is because of the American people.  It’s because of their perseverance, and their courage, and their willingness to shoulder the burdens we face -– together, as one nation.

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The Special Note summarizes my overall thoughts about our economic situation

SPX at 1132.34 as this post is written

The State of the Union Address – Notable Excerpts

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

President Obama’s November 7, 2010 “60 Minutes” Interview

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:

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.”

also:

“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.”

also:

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.”

also:

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