November 7th, 2008
03:09 PM ET
10 years ago

Obama: Economy to be top priority

President-elect Obama met with his economic advisors Friday before holding his first press conference since the general election.

President-elect Obama met with his economic advisors Friday before holding his first press conference since the general election.

CHICAGO, Illinois (CNN) - In his first public remarks since he delivered his victory speech Tuesday night, President-elect Barack Obama vowed Friday that restoring the nation's economic equilibrium will be a major priority of his administration.

"I do not underestimate the enormity of the task that lies ahead," he told reporters at the Hilton Hotel. "We have taken some major action to date and we will take further action."

Obama said that, if the lame-duck Congress fails to reach an agreement on a stimulus package before he takes office January 20, passing such a package will be his first move.

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soundoff (165 Responses)
  1. SJC

    To It begins:

    You said:

    "I thought BO would fix all this and get us out of Iraq in a month."

    No mindless exaggeration in this statement is there?

    You also said:

    "Or was that just campaign lies to dupe people into voting for him? "

    Unlike George Bush who promised "no nation building" and the promise to unite the country not divide.

    Or Unlike your hero Ronald Reagan who promised to shrink government and bring surpluses.

    Of course you were never a "dupe" in who you voted for!

    November 7, 2008 03:23 pm at 3:23 pm |

    Was the dow going down as he was talking?

    November 7, 2008 03:24 pm at 3:24 pm |
  3. Red, Red WHINE!!

    The GOP cry babies can cry all they want. But the horrid state of affairs has their man serving as the current president. Let's see:

    Our country is attacked while they are in office
    Our country treats the constitution like toilet paper with them in office
    Our country is not liked by the rest of the world with them in office
    They murder around 4500 of our men and women in an illegal war
    We get a record deficit, when they were left with a surplus
    And it all leads to this economic crisis (thanks to deregulation!)

    I'll go with anything BUT the GOP from now on. With politicians like them, who needs terrorists?

    November 7, 2008 03:24 pm at 3:24 pm |
  4. Sean O

    Each time President elect Obama speaks, he seems so in control and so presidential, his policies are what he ran on, relief for the working families of America. GO OBAMA AND GO USA.....

    November 7, 2008 03:25 pm at 3:25 pm |
  5. Eff Off

    TO: it begins...

    SHOVE IT!!!!

    Your lame azz choice of a prez didn't win. Go hug your blankie, and suck a thumb in a corner somewhere.

    People like you belong in the sewers with rats and crap.

    November 7, 2008 03:25 pm at 3:25 pm |
  6. Old White Guy for Obama

    Hey 'It begins..." (again).

    He's not the president yet. Your buddy is, so NOTHING will happen for a couple of months.

    Give the man a chance to screw up. I think he's already done more work than Little George has, and the election was this week.

    November 7, 2008 03:25 pm at 3:25 pm |

    I noticed the stock market was going down as he talked

    November 7, 2008 03:25 pm at 3:25 pm |
  8. Matt

    A month come on be realistic and like he said people he is only the President Elect.... there is only 1 president and until January 20th that is President Bush...after that is when we will start to see change from his administration....

    November 7, 2008 03:26 pm at 3:26 pm |
  9. Impartiality

    If you make $80K, you don't pay 28%. I make much more than you, all from ordinary income, and I pay about 28% (plus, of course, social security, medicare, 7.5% state sales tax, property tax, gas tax, etc., etc.). Don't be envious of the wealthy

    November 7, 2008 03:26 pm at 3:26 pm |
  10. geraldine

    J. Michigan – you don't have a hint. An undeniable fact is that under George Bush the top 10% of income earners and corporations in this country have accounted for over 90% of the government's tax revenue. Not complaining here – that's the way things are – but don't demonize those that pay for your roads, military, police, etc. Let's be clear – it's not you in your tax bracket.

    November 7, 2008 03:26 pm at 3:26 pm |
  11. Michael M, Phoenix AZ

    There are too many tax loopholes that only the rich can really take advantage of, especially if they have "good" tax lawyers. The government has kept raising the minimum amount you have to have to file your medical and other LEGAL write offs. Eliminating some of these loopholes should be the first priority in tax reform.

    November 7, 2008 03:27 pm at 3:27 pm |
  12. Tiffany

    "it begins..." Already trying to downplay the promises made during the campaign. I thought BO would fix all this and get us out of Iraq in a month. Or was that just campaign lies to dupe people into voting for him? Time will tell.


    Dude are you serious?!!! You know what? I was going to give you a mouthful but I don't think you brain can process it all.

    For everyone else...give him time. He's not in office yet and yall are already setting him up to fail. Until I see you in the white house, I doubt you can tell him how to run things. He's the next president so you can either deal with it and become part of the solution or you can leave the country...stop whining. Problems will not get solved overnight...

    November 7, 2008 03:27 pm at 3:27 pm |
  13. CJ

    Its refreshing to hear a smart, common sense approach to this situation. And it must be hard to be a sore looser and acting in the "I know you are but what am I" manner that some people are engaging in. The man was just elected, he has an entire team of, wait, DEMOCRATS and REPUBLICANS who are actually capable of making a SMART decision for this economy. He's not downplaying anything. He just reiterated that he will do what he promised in his campaign. Get a better excuse to start hammering the man.

    November 7, 2008 03:28 pm at 3:28 pm |
  14. Chip Monk

    He may get us out in a month, but he's not Commander-in-chief until after he's innaugaurated on January 20, 2009. Start checking your calendar sometime around February 20, 2009.

    November 7, 2008 03:28 pm at 3:28 pm |
  15. Sherry

    I watched the news conference. Would somebody tell BO that small businesses don't pay capital gains taxes, they pay corporate taxes. A business owner might coincidentally pay capital gains taxes, if he/she owned stock in a company which he/she sold for a profit.
    The stock market has been tanking ever since the polls showed BO in the lead – the only time they came back up was when McCain took his brief lead. BO needs to tell the nation that he's not going to raise capital gains taxes, so that people will quit selling off before he gets in office and raises them. I realize that he's not likely to do this, since he doesn't know the difference in the two types of taxes. But then he's never run a business or done anything else practical.
    When he gets in office, the stock market will likely be at depression levels, and there will be very little selling and buying of stocks, so the government won't get ANY money from this source.
    All you people that voted for BO are SO smart!

    November 7, 2008 03:29 pm at 3:29 pm |
  16. Frank

    Why don't we just give this stimulus money to Walmart, Nike, and the makers of big screen tv's and cut out the middle man?

    November 7, 2008 03:29 pm at 3:29 pm |
  17. Mark L.

    It took FDR to bail out one failed GOP Administration (i.e. – Herbert Hoover), looks like it's President-Elect Barack Obama's turn to bail out another failed GOP administration.

    The Republicans are LOSERS and CROOKS –
    1. Herbert Hoover – Great Depression
    2. Richard Nixon – WaterGate Scandal
    3. Gerald Ford – Pardoning 'Tricky Dickie' Nixon for his WaterGate cover-up.
    4. Ronald Reagin – Iran-Contra Affair
    5. George H. W. Bush – 1990's Recession
    6. George W. Bush – Unjustified War in Iraq, 2001 / 2008 Recessions, etc.

    November 7, 2008 03:29 pm at 3:29 pm |
  18. johnrj08

    Ian, robrubin and it begins.... Why don't you guys go wash your sheets and pillow cases and get them ready for your next meeting.

    November 7, 2008 03:30 pm at 3:30 pm |
  19. Vegas

    J.- Michigan

    If you pay 28% of 80K you need to have your accountant arrested... he's taking you to the cleaners... you should only pay 28% on any amount over 74K. You would pay 15K for anything below the 74K... and being married, owning a home, interest, childcare, school, gas and about a thousand other deductions would eat that up...

    November 7, 2008 03:31 pm at 3:31 pm |
  20. proud american

    for the record he Never said he would get us out of Iraq in a month
    GEEZ, You people are so full of hate

    November 7, 2008 03:31 pm at 3:31 pm |
  21. jd

    No problem he’s got this. He’s a thinker you just don’t go out on a football field and play without having the players and the plays to execute

    November 7, 2008 03:31 pm at 3:31 pm |
  22. america wins

    i'm so glad that i have witnessed the election of this brillant man. God bless him and his team as they get America back on track again.

    November 7, 2008 03:31 pm at 3:31 pm |
  23. Chris from St. Louis

    That speech and the press conf were not that emphatic, pres. elect Obama. I'm sure you will get better ...

    November 7, 2008 03:32 pm at 3:32 pm |
  24. Brian - Columbus Ohio

    And we're borrowing this from who?

    November 7, 2008 03:33 pm at 3:33 pm |
  25. XChange

    Are you out of your mind?

    >Some people are upset the Obama is going to tax the wealthy. I say great!!! It's long overdue. They have NEVER paid their fair share in this country, while the rest of us pay 28%, etc. I only make $80,000 a year, and I have to pay 28%. I say get rid of the rich folks tax shelters, loopholes, and everybody pay their fair share. It's about time!!!!

    I'm an active duty military member, but I also have a small business on the side and made just over $200,000 last year in my household. Note, however, that both my wife and I work nearly 90 hours a week to do this. Since nearly half of our pay is going to pay for all of those folks who say they can't succeed in life, why do I bother? I mean, perhaps I should just close my business and be satisfied with what I make, since you're going to punish me for being successful.

    Get a isn't fair, and don't try to pretend that it is. Some of us will be rich, and some poor, and you can't legislate wealth. You'd think the Democrats would have figured this out after centuries of recorded history showing otherwise.

    November 7, 2008 03:34 pm at 3:34 pm |
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