November 22nd, 2008
09:15 AM ET
10 years ago

Obama gives brief rundown of economic recovery plan

President-elect Obama plans to create 2.5 million jobs

President-elect Obama plans to create 2.5 million jobs

(CNN) - Saying that moving quickly is imperative, President-elect Barack Obama on Saturday offered an outline of his economic recovery plan to create 2.5 million jobs by 2011, saying American workers will rebuild the nation's roads and bridges, modernize its schools and create more sources of alternative energy.

"These aren't just steps to pull ourselves out of this immediate crisis," Obama said in the weekly Democratic address, posted on his Web site. "These are the long-term investments in our economic future that have been ignored for far too long."

Details of the plan are still being worked out by his economic team, Obama said, but he hopes to sign the two-year, nationwide plan shortly after taking office January 20.

He referred to figures out this week showing that new home purchases in October were the lowest in 50 years, and that 540,000 new unemployment claims had been filed - the highest in 18 years.

"We must do more to put people back to work and get our economy moving again," he said. More than a million jobs have been lost this year, he said, and "if we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year."

The plan will be aimed at jump-starting job creation, Obama said, and laying the foundation for a stronger economy.

"We'll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children and building wind farms and solar panels, fuel-efficient cars and the alternative energy technology that can free us from our dependence on foreign oil and keep our
economy competitive in the years head," he said.

He noted he will need support from both Democrats and Republicans to pass such a plan, and said he welcomes suggestions from both sides of the aisle.

"But what is not negotiable is the need for immediate action," he said. "Right now, there are millions of mothers and fathers who are lying awake at night wondering if next week's paycheck will cover next month's bills. There are Americans showing up to work in the morning, only to have cleared out their desks by the afternoon. Retirees are watching their life savings disappear, and students are seeing their college dreams deferred. These Americans need help, and they need it now."

Throughout history, he said, Americans have been able to rise above their divisions to work together, he said.

"That is the chance our new beginning now offers us, and that is the challenge we must rise to in the days to come," Obama said. "It is time to act. As the next president of the United States, I will."

soundoff (76 Responses)
  1. How?

    I'm curious to see how he's going to fund this and everything else he promised.

    November 22, 2008 11:30 am at 11:30 am |
  2. Willy Brown

    It's called tax your socks off for "Change"

    November 22, 2008 11:30 am at 11:30 am |
  3. Franky

    You know guys, believe it or not, I've been thinking that before he gets swore in. I expect the new Administration to be contemplating a couple of weeks beofre he gets elected. The more closer we get, I believe the more information we get. Plus, to tell you the truth, I don't really want him to start already bustin out while President Bush is still tring to do his thang. In other words, I don't want him to start moving if the truck hasn't come and picked up his stuff...

    I gotta say, 2.5 million jobs, huh? That's a bigger statement than what Andrew Jackson did to the Banking system! LOL!! Like I said before, only a Dem can do this...and it takes a different kind of Dem to try and get this done, real different.

    You see, I think Democrats are cool...yeah, cool to be slow! LOL!! Na'h, I'm playing, I'm playing...

    November 22, 2008 11:37 am at 11:37 am |
  4. Ready!

    I'm ready to help get US back on the right track! I'm here to support President Barack Obama and his plan for America!

    November 22, 2008 11:40 am at 11:40 am |
  5. zombieguide

    Investing money into our own country, and paying our own people?!?!?!

    It's so crazy and unheard of, it just may work! Imagine that....keeping jobs and money in our OWN country for a change.

    November 22, 2008 11:47 am at 11:47 am |
  6. Ray from NY

    Love it!! TY Pres Elect Obama you are doing the right thing and i hope the neocons and right wingers really take a look at what you and your staff are trying to do. Just keep it going i am already proud of you and am prouder to be an American now.

    November 22, 2008 11:50 am at 11:50 am |
  7. Ray Fisher

    The biggest challenge for the new administration will be deflation. Our economy has been greatly inflated for 8 years with cash injections from borrowed funds covering for economic growth. A period of deflation must unfortunately occur yet will be extremely painful. Our best method of dealing with deflation is to revert to a cash oriented society until the economy is repaired and deflation ceases. As an example, my parent sold their home in 2000 for $65,000 and it is now on the market for $250,000 in a very rural area where home prices rarely exceeded $150,000 till the Bush Babies took over. The prices must come downsometime.

    November 22, 2008 11:54 am at 11:54 am |
  8. Dylan, Los Angeles

    Bush should just resign immediately and let Obama start calling the shots.

    November 22, 2008 11:56 am at 11:56 am |
  9. tim

    I love to get advice on creating jobs from a guy who has never had
    a real job.

    November 22, 2008 12:11 pm at 12:11 pm |
  10. CanadianObserver

    President-Elect Obama appears to be sincere in his bid to restore the American Dream. He's a very smart man and I'm beting he'll pull it off. I sure wish we had someone like Obama in Canada. God Bless America and God Bless Barack Obama and his Team!

    Cheers 🙂

    November 22, 2008 12:15 pm at 12:15 pm |
  11. a different sarah (no winks)

    This makes a lot of sense to me. Our infrastructure of bridges and roads has been crumbling for years. Many schools are unsafe because they have not been modernize in decades, if ever. We traditionally rely on new housing starts as a measure of our overall economic health. With some of these programs, the same people who would be building new homes we don't need on land that could be used for other things (alternative energy and other sustainable initiatives) can now be putting their same skills to work in a way that benefits everybody, not just individuals.

    November 22, 2008 12:18 pm at 12:18 pm |
  12. Chris

    Common sense intelligence we can believe in.

    November 22, 2008 12:20 pm at 12:20 pm |
  13. Cherri Kent

    I believe the only thing stopping President Obama from fulfilling his campaign promises are congressional members who are too cautious and unwilling to see the obvious. They may have to forego porkbarrel spending targeted for their pet projects, and even, God forbid, cut down on their own lavish lifestyle and live like us other worker bees for a while. Obama is going to accomplish his goals, come hell or high water, and the people are going to see that it gets done.

    November 22, 2008 12:31 pm at 12:31 pm |
  14. Independant Vet

    Yes he has got 12 million iIlegals , he is signing up for Social Security, medicaid and drivers licenses. If they would take those jobs he is going to offer, What is he going to do with the rest . ?? Deport them to some foreign Country . Or send them to Hollywood to school , to learn how to protest for another hand out. Like when they inter viewed a lady in Fla. asked when is she going to sign up for Citizenship. Her relpy was, No way, for I will loose all this free money .

    So his recovery PLan , has so many holes in it , it will never make progress.

    I can see that party that was sitting behind a desk , now out there on a shouvel . I quit . I have to to town to use the bath room . No big talk , never evr work . Been use to all these hand outs. Only ones that gets them are the dc's an Illegals . Now he
    wants to give em a raise. To $1500. What next ????

    November 22, 2008 12:35 pm at 12:35 pm |
  15. kenny cole

    You got my support

    November 22, 2008 12:46 pm at 12:46 pm |
  16. Dayahka

    This is a bad plan because it does not address the development of the two things we need the most: a modern electric grid and expanded public transit, particularly trains. Obama needs to look at his plan again. Once oil is too expensive to buy or extract, roads will be extinct, for the most part, and what we will need is more railroad tracks; and once we move to electric cars, we must have a modern electric grid to distribute the power from wind turbines, geothermal, and other alternative sources of electricity.

    November 22, 2008 12:51 pm at 12:51 pm |
  17. B. Churchill

    When was the last time we've heard a President address real, nuts-and-bolts concerns of the average citizen, and when was the last time those citizens had reason to believe any given initiative wasn't just a scam to enrich insiders? Just this alone is reason enough for me to have voted for Obama, and if his efforts produce results, to believe that Change has at long last come. My grandfather used to say "shoot for the moon – you might get upstairs". Our new president is shooting for the moon.

    November 22, 2008 12:53 pm at 12:53 pm |
  18. Margo - TEXAS

    I love you President elect Obama. May GOD bless you and your family.

    November 22, 2008 01:03 pm at 1:03 pm |
  19. Bridget, NM

    Wait, I don't get it!

    Reconstruction of roads-bridges will take 1/2/3 years. After that what happens to these workers? Break the roads-bridges and reconstruct those again? This is just a bad-aid solution and lacks vision.

    November 22, 2008 01:17 pm at 1:17 pm |
  20. Helen, NY

    Barack has been silent for quite sometime on the economic issues and he did not even appoint treasury secretary which he should have done first thing after he was elected. Because of this Dow went down 20% since he was re-elected. Millions of Americans have lost millions of dollars. Barack has no idea about it.

    November 22, 2008 01:19 pm at 1:19 pm |
  21. Ultimate Heretic

    Lets start calling the current situation what it really is: THE BUSH DEPRESSION. You can bet the right(wrong!)-wingnuts will try to pin that label on Obama. Meanwhile Bush has taken his retirement from the Presidential office early. Here's hoping that Obama can effect sufficient change to get the economy going the other direction.

    November 22, 2008 01:26 pm at 1:26 pm |
  22. Lost in Texas

    "Woe to you when all speak well of you" No matter what this man says, does or tries to do the far right haters are going to moan about it. In a way Sen Phil was right saying 'we're a nation of whiners" because I sure see a loit of WHINERS on these sites!

    November 22, 2008 01:36 pm at 1:36 pm |
  23. David

    bring your white American racists to Zimbabwe.We know how to deal with them.We have our KKK here

    November 22, 2008 01:42 pm at 1:42 pm |
  24. Ilona Hussein Proud Canadian


    The President Elect, is not even in the
    White House, and you're holding his
    feet over A BED OF COALS!

    Give it up folks, Barack distinctly said
    that President today and until January 20th

    The changes that you are calling for, must
    wait for the INAUGURATION, meanwhile
    Barack is busy putting building blocks
    to his future Presidency! So again, SHOW

    November 22, 2008 01:43 pm at 1:43 pm |
  25. ....

    Why is everyone have a pissy fit, if details are still being worked out? Calm the heck down.

    November 22, 2008 01:54 pm at 1:54 pm |
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