November 23rd, 2008
11:50 AM ET
5 years ago

Obama will 'do what's necessary' to fix economy, aide says

Senior adviser David Axelrod says it will take the 'best people we can find' to carry out Obama's economic plan.
Senior adviser David Axelrod says it will take the 'best people we can find' to carry out Obama's economic plan.

(CNN) – President-elect Barack Obama's top adviser insisted Sunday that Obama's economic plan would be big enough to handle the country's financial challenges, but he declined to speculate about how large the plan would need to be.

During the presidential campaign, Obama proposed a $175 billion stimulus package over a two-year period, but some of his economic advisers have said recently that the package would need to be much larger.

Asked if Obama would scale up the package, given the economic conditions, Obama's incoming senior adviser, David Axelrod, said he thinks Obama is "going to do what's necessary."

"I'm not going to throw a figure out here. What he said is, he wants a plan big enough to deal with the large challenges we face. And I think there's a growing consensus across the spectrum among economists that we're going to have to do something big," Axelrod said Sunday on ABC's "This Week."

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.

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.

Obama 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.

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Filed under: Candidate Barack Obama
soundoff (85 Responses)
  1. At last a Leader -Ventura,CA

    Soon to be President Obama has started right out of the gate to get us on the right track. Refreshing.

    November 23, 2008 12:16 pm at 12:16 pm |
  2. Sandy - PA

    I think it's pretty simple if you want to create more jobs:
    1) STOP bringing people from every country on earth into the US to take our jobs. End The H-1 and L-1 programs, and others like them.
    2) STOP outsourcing our jobs. Make it unprofitable for US companies to outsource jobs. End tax breaks for companies that outsource jobs, and add news taxes, levies, or whatever it takes.
    3) SECURE the US/Mexico border. An estimated 1 million people are crossing the border every year, and many US companies view these people as cheap labor, and they take advantage.

    Do these 3 things, and there will be jobs here. This is not rocket science.

    November 23, 2008 12:19 pm at 12:19 pm |
  3. Joe the Drummer

    Going back to Americas traditional trade policies of tariffs would fix everything in Americas economy. Free trade and globilization has driven down wages and cost many good paying American jobs thus driving down Americas purchasing power. No matter how much you cut taxes for the wealthy so they can supposedly create jobs when wages are too low very few goods are sold. Even a drummer knows an economy has to have buyers to work. Protectionism rocks!!!!!!!!!!!

    November 23, 2008 12:23 pm at 12:23 pm |
  4. Marie banderas

    JOBS,JOBS,JOBS, and HEALTH CARE, fix those 1st ! Then we the people can more easily stand up for you Obama..without these, the people have nothing ! America comes 1st..Take care of us 1st, then worry about the rest of the world..For if there is no us, then there is no reason for you..Charity begins at home..we need JOBS, HEALTH CARE..we need to be manufacturing things HERE, and getting paid decent wages to do so..FINE companys that are sending our jobs away..then expecting us to keep supporting them with taxes etc, that we cant pay if have no jobs..and if we the people cant take care of our own familys, then there is no one left to take care of other countries either..AMERICA 1st....

    November 23, 2008 12:27 pm at 12:27 pm |
  5. GARY

    Dont make promises you cant deliver Obama. You talked enough to be elected ,now lets see the real you.

    November 23, 2008 12:30 pm at 12:30 pm |
  6. Tony

    All right! Socialized economy, here we come!

    Oh wait, that sucks. And it's on my dollar!!!

    November 23, 2008 12:40 pm at 12:40 pm |
  7. Bob

    Are there any people that run a small business in Obama's crew.
    Someone that started one and made it go? You know one of the most important business people. Its kind of a joke that he is only bringing in BIG business and investors.
    Sad.. Another broken promise.

    November 23, 2008 12:40 pm at 12:40 pm |
  8. maurice

    sandy-pa: you have my vote...sandy in 2012 go sandy. and while your at it will you just tell the people in the middle east to go chill and if they dont we will use the mtns for a rock quarry lol

    November 23, 2008 12:51 pm at 12:51 pm |
  9. steve

    simple – lower taxes. obama's grand marxist plan to stimulate the economy is to steal from the productive and handout to the unproductive. tax and spend spend spend.
    like usual liberal policy, we'll certainly be paying for it for decades to come. his "tax cuts" – which are really redistributive welfare, will discourage working. it seems obama's only answer to getting what he wants in any industry is TAX TAX TAX.
    taxes don't create jobs.

    give us an ACTUAL tax cut, not "tax credit" welfare, and slash the absurd 35% corporate tax rate so we can be competitive with the rest of the world. the government and the unions have latched on and leeched off of the productivity of america and we need to burn those leeches off before we can get healthy again.

    November 23, 2008 12:51 pm at 12:51 pm |
  10. Sam

    Report positive news and people will follow. America is in a depression we need some positive news. Send a positive message across the airway.We are tired of hearing about the hate, one or two people actions are not that of everyone.

    November 23, 2008 12:51 pm at 12:51 pm |
  11. Daniel Cabrera

    Hello everyone;

    Oh! but that should not surprise anyone, right?Course not!,...wait until pres elected Obama takes the helm in Washington,...he-he THEN! IS WHEN WE ARE GOING TO DROP LIKE LEAD DOWN -DOWN TO THE DEEPST ABYS OF FINANCIAL TOTAL OBLITERATION.And then, we become the weak nation as our enemies wanted us to be just like almost magic!

    I Told you Obama is a 'TROJAN HORSE FACTOR' for the downfal of our great country,...nobody want to look hard on this , everybody is like still hypnotized by the 'Obama collective-syndrom' ,...pity!,...we are aproaching the point of no return.

    Not too far in the near future all those COCOZOIDS, who voted for Obama, will wish to have a TIME MACHINE to go back in time and undo what is done.

    Well, sleep well in your illlusions, until the big crack emerges.

    Sincerely,
    Daniel Cabrera
    Merrillville, Indiana

    November 23, 2008 12:51 pm at 12:51 pm |
  12. Turn Republican

    We'll see.

    November 23, 2008 01:00 pm at 1:00 pm |
  13. CanadianObserver

    Hello again! I agree with Sandy and Joe The Drummer inasmuch as I wish our government would adopt the same policies. We too have seen our work devalued occupation by occupation through the shortsighted policies of the neocon element. What our government failed to realize is that when you hurt your tax base, your economy is under serious threat of sinking completely. Now our government is talking about running a deficit in order to 'stay the course'.

    Due to some short-sighted changes made to attract voters, the Conservative Government of Canada is breaking its promise to not run a deficit.

    There are many many more Canadians now that are a paycheque away from being homeless thanks to these policies, and it can get cold up here. I have great respect for your country's choice of your next President, and wish you well. Rock on America! :D

    November 23, 2008 01:00 pm at 1:00 pm |
  14. Lauren

    Sandy in Pa.

    Sounds like good sound Conservative principals. Do you REALLY think Obama and his Dems will support any such ideals?

    From what I have seen so far, all I hear out of Obama and Pelosi, BAIL THEM OUT. Everyone who has mismanaged thier companies in the last 12 years will be rewarded with a bail out.

    EXCEPT the common taxpayer who is up to his or her butt in debt because we can not afford to survive without charging or borrowing.

    I heard this morning, Pelosi wants to give the auto makers 75 billion now instead of the 25 they asked for. Whats up with that? Pelosi and Obama owe the UAW some votes do they?????

    Obama idea of fixing the economy is printing more money and giving it to the white collars of this country.

    Why do they just not give every american a share of the bailout money? If you have a mortage, that money MUST go to pay that, direct deposit right to your loan institution.

    November 23, 2008 01:06 pm at 1:06 pm |
  15. Texas Teacher

    Sandy – Pa., I agree, but I go one step farther. We need to find a way to bring the rest of the world UP to our standards, not allow our big businesses to go there and get rich off the backs of poor labor that can be worked like slaves.

    I recall about 15 years ago or even more talking with a visitor here from Mexico. She said that the big American companies come to their country and build factories. Their workers live in paper shacks around the plants, so that they can sleep close by and save time going home. She said that they work them 16 even 18 hours a day seven days a week for little of nothing. She said that if the people complain, they tell them to leave that there are people waiting in line for their jobs. I was appalled. That sounds like turn of the 20th c. U.S. labor without unions.

    We fought to change that evil and won. Now our companies go to 3rd world countries, and repeat the same deplorable policy of working people like slaves with no benefits to anyone but themselves. If we learn from history, we know that this is unacceptable!

    Man's inhumanity to man must end, and we are the only ones who can end it! We, the People, of the world... beginning with We, the People, of this country. Call me a dreamer... I probably am. But I think Obama has the drive to make this dream of world equality and peace come true... not in socialism or any other ism, but democracy.... fair government and equal opportunity the world over for all the People, not just the few.

    November 23, 2008 01:08 pm at 1:08 pm |
  16. gregg

    wow.. the super god you elected has promised everything to you,, hope you get what you all deserve,,, the brightness shall wear off after jan 22 2009,,, watch and see,, btw i just won the carolina cash 5,,, moving my 250000 to some where else,, so i will not have to give it away...

    November 23, 2008 01:10 pm at 1:10 pm |
  17. Susan

    We need to stop sending our companies to other countries. We need to have jobs for the Americas rather than allowing bringing people out of the country to fill job positions.

    We truly hope Obama can make the changes necessary to help our economy.

    November 23, 2008 01:10 pm at 1:10 pm |
  18. trish, nc

    At least it will be a change from the past eight years, which has gotten us into this mess.

    Conservatives should study both current news and history to see that:

    A.) The GOP JUMPED at bailouts - and Bush is still in office, if you are looking forward to a socialist economy, you can thank them first.

    B.) This is not SOCIALISM. Any self-respecting socialist I've ever read about would laugh in your face at the suggestion it is.

    I can see the vindictiveness and spite that began under the Cheney/Rove dynasty will continue. Too bad for this country.

    November 23, 2008 01:13 pm at 1:13 pm |
  19. Ray Fisher

    I have always jokingly taken credit for things never under my control therefore, I will take credit for the Clinton balanced budget since I braced then Representative Bill Richardson at a town hall in New Mexico years ago to fix the budget and begin paying off our debts. Sometime later, Clinton hired Robert Rubin who bought back old debt with new lower interest debt, balanced the budget and we had a surplus. Not one to waste a chance a glory, I claim credit ergo can I please have another chance??? Mr. Rubin is one of Obama's advisors and one of the best ever so can America enjoy his wisdom just once more???

    November 23, 2008 01:16 pm at 1:16 pm |
  20. SICKandTIRED!

    Some Americans are whinning, gripping and complaining about where all the money is going to come from for rebuilding our own economy, something that will actually benefit us.

    When we are spending at least $10bn every month in Iraq alone for the last 5 years which amounts to at least $ 600bn, something that we as a People of America are not benefiting from, I don't hear anyone ask where is that money coming from. The truth is every month, from Janauary to December, $120bn is pretty much wasted.

    We seem not to question the source of our finances when it is been used for something that is unprofitable to the United States i.e Iraq war. But when it is been spent to help our own economy such as building our infrastructure, bailing out the auto industry, renewable sources of energy like the President -elect said, people are questioning the spending.
    Stupidity is an understatement in my view for those criticizing this move by President-elect Obama.
    I am for anything that will Help this economy and against anything that will be a waste of money.

    November 23, 2008 01:16 pm at 1:16 pm |
  21. katiec

    Barack Obama has a humungous task ahead of him.
    I do not even pretend to know the solutions, but have enough
    faith in him and his decisions to know he will will get our
    country on the right road.
    The biggest hurdle will be to get the republicans to stop the
    bipartisanship and work together to save our country.
    Saw yesterday where they are raising funds to stop the
    left wing agenda. That really is putting country first,
    isn't it.

    November 23, 2008 01:16 pm at 1:16 pm |
  22. KLEE

    well so far i see most of the comments preceding me are based on a world "that used to be" – get over it! Some thing will have to change to adjust to the global inequities that are faced today.....Marxsism is not even an issue just a word to divert attention to the failed policies of the past. – thankfully the president elect is smarter than these posters and has the respect and attention of brilliant minds and hearts in this country as well as the rest of the world. One man's terrorist is another man's hero.....we need to understand the religious and human beliefs of countries other than our own – the world has shrunk and we are one human population and this is our planet and this planet must sustain us all or our petty politics is just a big joke.

    November 23, 2008 01:18 pm at 1:18 pm |
  23. jesuino leduino rosa

    we need jobs, jobs, jobs, and some more jobs !!!!!!

    November 23, 2008 01:19 pm at 1:19 pm |
  24. Henry Miller, Cary, NC

    Obama will 'do what's necessary' as long as that involves imposing punitive taxes on anyone who actually works for a living. How dare they do something so inegalitarian? How dare they repudiate their proper roles as spineless dependents on the Nanny State?

    November 23, 2008 01:20 pm at 1:20 pm |
  25. Charles

    Remember folks, Obama is not a magician. This is a very complex economic problem; one that defies simple, bumper-sticker solutions. But at least already even before taking office, he's working on it. More than the present administration seems to have been doing for 3 or 4 years!

    November 23, 2008 01:21 pm at 1:21 pm |
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