November 23, 2009
Posted: November 23rd, 2009 04:57 PM ET
The president spoke about the economy during a Cabinet meeting Monday.
The president spoke about the economy during a Cabinet meeting Monday.

Washington (CNN) - President Barack Obama cited progress toward economic recovery Monday, but said the pace remained slower than desired.

Speaking to reporters after his first Cabinet meeting since returning from last week's trip to Asia, Obama made clear that reversing the rising unemployment of the past year is the goal of his administration's economic recovery efforts.

"Our economy's growing again, for the first time in more than a year, and we know that economic growth is a prerequisite for job growth," Obama said. "But having said that, what I emphasize today is we cannot sit back and be satisfied, given the extraordinarily high unemployment levels that we've seen."

He called any progress so far "the first step in curing our economy and making sure that it is moving on the right track."

Business profits are rising, Obama said, but due to cost-cutting from the recession rather than increased demand.

"They have learned to produce the same amount of goods with fewer people," Obama said, adding that "all of these things contribute to challenges of creating jobs in this economy."

While the economy grew last quarter for the first time in a year and other indicators are turning positive, unemployment is above 10 percent and polls indicate most Americans are dissatisfied with current economic conditions.

Obama expressed confidence the economy will continue to strengthen and begin creating jobs, but he said the country needs policies now to "bridge" the period from the current difficulties to "that more prosperous future."

On his trip to Asia, Obama said, he discussed ways to increase U.S. exports to the region. Asian governments want more U.S. exports to help meet rising consumer demand in their growing economies, he said.

"If we can just increase our exports by 5 percent in that region, that means hundreds of thousands of well-paying jobs," Obama said. However, he cited regulatory issues and currency issues as obstacles to increased exports, adding that "we just haven't been as aggressive as we need to be."

At home, Obama said, polices to revamp infrastructure for a modern economy - including high-speed rail transport and clean energy technology - will help put people back to work. Those ideas and others will be discussed at the December 3 jobs summit he is holding in Washington, Obama said.

The president also acknowledged that at Thanksgiving, it's been a "very difficult year" for many Americans. Referring to his Cabinet sitting with him, he said: "We are extraordinarily blessed that we're in a position that we can make a difference in the lives of millions of people."

"We need to take advantage of that opportunity and redouble our efforts in the months and years to come," Obama said.

Filed under: Economy • Obama administration • President Obama


WrongKindofChange   November 23rd, 2009 9:52 pm ET

Obama needs to know that the economy isn't growing but inflation is. Someone tell him he can't buy his way out of everything and the more he tries the worse off our economy is going to be.

jobs, we need jobs, no not statistics, just jobs   November 23rd, 2009 9:29 pm ET

fire all those economists, statisticians

give the money to small business

JR   November 23rd, 2009 9:27 pm ET

Give money to regular people who actually cannot spend because of lack of money.
They will spend as they can. It will boost the production, which means more hiring in order to meet the production expectations.
It is so simple.
You can give $1 billion to every small business, no one would hire one more employee if the production still the same.

payback   November 23rd, 2009 9:03 pm ET

....Listen when FDR was President. The economy, did not turn around in one year or two years. What, makes you think. President Obama. Can turn things, completely around in one year....Get real, you RIGHT-WING-NUTS..........Can you republicans, turn things around in one year or less? I THINK NOT......GET REAL...............

Scott, Tucson   November 23rd, 2009 9:01 pm ET

Oh,oh! obama is starting to believe his own lies now.

David in Houston   November 23rd, 2009 8:59 pm ET

Anyone who says things are not better doesn't remember how the entire WORLDWIDE economy almost collapsed. Granted, many are still unemployed, but I challenge anyone to prove that the economy is not improving! My money guy called today and said all my portfolio is back to the August 09 levels - I think that is a very good sign. I am far from rich, and struggling like everyone, but the extreme conditions that existed when Obama took office should not be forgotten, or minimalized.

Ted   November 23rd, 2009 8:55 pm ET

How can Obama vilify ""They have learned to produce the same amount of goods with fewer people," ????

That is called improving efficiency and how businesses grow and become more competitive vs. foreign threats to our jobs and sales.

The facts and data reveal the economy is going nowehere, and it will continue sputtering for all of Obama's presidency, because he has positively no clue how businesses work.

JT the Show Me State College Freshman   November 23rd, 2009 8:54 pm ET

How can anyone with a soul deny anyone the chance in recieving healthcare? I am sorry to say this, but if Jesus were alive right now, he would be considered a liberal. He wants a healthcare system that is non-profit.Human life is worth a lot more than any size profit. He wants everyone to be treated equal, no matter who they are. Remember the part about him inviting everyone to his table. He would want Wall Street regulated. Remember the incident at the temple, don't make this guy mad. He would love anyone based on what there heart is, not the color of his skin. He would not reject anyone because they did not agree with him. Jesus said that everyone has free will, including women. If he were alive right now, would you be saying the same things to him that you are saying to President Obama? Jesus would support the most "liberal" idea of all, Single Payer non profit system.

Keith in Austin   November 23rd, 2009 8:41 pm ET

The really sorry thing is that if Obozo said bananas are purple, most koolaid drinking liberal sheep would believe him. Sooooo pitiful!

M. Felder   November 23rd, 2009 7:51 pm ET

We have to think outside the box. A lot of these corporations who were taking welfare from the government in the form of credit to hire people are beginning to realize that it makes no sense to do so. Businesses should hire people based on demand, not in order to receive a tax credit. We live in a paper economy and we have to think differently. Please explain to me how a HVAC company who is not selling air conditioning or heating components, will benefit by hiring more employees. If there is no demand for air conditioning and heating then there is no need to have 20 employees sitting around the office doing nothing.

keithc   November 23rd, 2009 7:40 pm ET

I love this President.. But there is one more thing that is MOST important to me.... my country......

That's why I have DECIDED to vote for Sarah Palin for 2012.... The one and only smartest star of GOP

SocialismBad   November 23rd, 2009 7:35 pm ET

Economy turning??!!! Are they serious??? These clowns are on drugs if they think the economy is improving. I guess if you're a government bureaucrat your outlook is quite rosey. But if you need a REAL job (aka non-government job) the outlook is horrendous.

What business in their right mind would be hiring people given all these huge government programs, new taxes, etc. Obama and the socialist Democrats in Congress are dragging this country DEEPER in recession, or into the Obama DEPRESSION if they don't get thrown out next year.

brenda   November 23rd, 2009 7:32 pm ET

I read an article today that states that unemployment will hit 20% and that Ben Bernanke will be rersponsible for the collapse of our economy and tis country. Granted, it was just one article but it was enough for me to want to research the idea before claiming that the economy is doing well.

Observant1   November 23rd, 2009 7:31 pm ET

President Obama, we need you to stand up and act, no more words, no more stimulus, no give away. That also means, quit supporting other countriew. We (Americans) have increased the standard of living for India, Mexico, China and numerous other countries around the globe. We have starving kids and adults in America, bring our jobs back, in these times it should be "take care of home first". Just pretend that it is Michelle, Sasha and Miala, that is homeless and hungry and act upon it.

Buck Wheat   November 23rd, 2009 7:25 pm ET

Please step down Obummer

Gerry   November 23rd, 2009 7:09 pm ET

How can the economy be getting didn't Obama just give away $300 million for a certain senators vote on health care. I thought that bribbing someone to get there vote was illegal in the US. I say lock the criminal up.

Four and The Door   November 23rd, 2009 7:02 pm ET

If the administration and congress was half serious about the economy or jobs they would not be ramming this lousy health care bureaucracy down our throats with every vote they can beg, borrow and buy.

They say one thing and do another. The health care program will be an anchor on our economy for decades. It is a job killer and a drag on American productivity. It is hypocritical for them to go back now and talk about the economy.

Darth Vadik, CA   November 23rd, 2009 7:01 pm ET

The darn thing is that the Republicans blame the recession on the Democrats who at that time were in the minority, and somehow they will claim credit for the economy improving when the Republicans are in the minority.

I wish I had a simple mind like that, where I saw the reality as I wanted to see it, not as it actually is. Then when they get thumped by the Democrats, they wake up and must go listen to Rush immediately for the excuse of why the Republicans lost this time, but next time it will be different.

You know Republicans, when your party is made up of Old White Men, you're party will NOT change. And your generations are not getting any younger....

The Great Wordsmith is at it again . . .   November 23rd, 2009 6:53 pm ET

Obama: US economy has 'core strengths'

How is this different from McCain's comment during the election that the U.S. economy is basically sound. ????????????

We've had dozens of recessions since the Depression - and they ALWAYS turned around - in an average time span of 14 months - by letting free market principles decide - WITHOUT a porkulus stimulus.

Will you people in your perpetual Obama trance NEVER get it ???????? YOU ARE GETTING SCREWED !!!!!!!!

Chicago Mob   November 23rd, 2009 6:51 pm ET

This administration has put us in a precarious position financially by increasing the debt it inherited by 4. To get out of this mess will require some tough choices and sensible action neither of which are they capeable of. Remember these clowns hate capitalism and the freemarket and their actions prove it.

Bren   November 23rd, 2009 6:51 pm ET

Keep telling the lies Obama-–as the majority in the country no longer believe them!!!

Your approval rating in most polls is now below 50%-–American citizens are waking up!!!

And, just wait until you hit the one year mark of your presidency-–I suspect your support/approval ratings are going to go down even more--as citizens will be tired of hearing your "blame Bush" for all of your failures!!!

And, the ONLY economy that is now improving---is China!!!!

German,Irish American   November 23rd, 2009 6:51 pm ET

These are the same economists that said unemployment would stay at or below 8% ONLY if the stimulus passed. So we should believe them now? The stupidity of Obama on economics is astounding. The economy will improve in spite of, not because of Obama's foolish and stupid economic policies, because that is what capitilism does, unless of course the Soros/Obama Progressive Party turns us into a socialist dictatorship country.

Impeach them all   November 23rd, 2009 6:48 pm ET

Obama is the greatest President ever. He's solved all the problems in the world by saying one thing. It's all the George Bush's fault. He is not only fixing this country by printing more and more money, he is going to give everyone health-care, even though it's not a Constitutional Right. He is so great, Unemployment is only above 10% and taxes will only be rising on those who actually pay taxes. I can't wait for the next 3 years to see how far he can FIX this broken country.

Those who voted for this idiot get what they deserve and you have NO say what so ever when the rest of us question his motives. We see what he is doing to this Country and we DO NOT like it and we will say so. It is our RIGHT to Freedom of Speech that allows us to question our leaders.

Obama along with the rest of this Corrupt Government need to be REMOVED from office and the people allowed to take back this Country from those who no longer wish to be apart of it. Those in power are put there by the people, FOR the people, but that is no longer the case.

Impeach them all and start over without the Corruption and America will once again become the greatest Country on the face of the Earth.

Bev   November 23rd, 2009 6:45 pm ET

Obama: "Economy is turning and improving"

Where???? In China, that's where.

It is DEFINITELY not happening in the US-–where the national unemployment rate is now 10.2%

Brian from NJ   November 23rd, 2009 6:32 pm ET

Most economists believe that after backing out gov't programs, the GDP was .5% to 1%, maybe. We have 10.2% unemployment, the dollar is sinking like a rock with all of this spending they are doing and Congress is hell bent on raising taxes, perhaps the worst idea in a bad economic climate that there is... And this guy is telling his staff that they should not sit back and be satisified!!! Was he kidding when he said that? And his explanation of how increased productivity affects unemployment makes Sarah Palin look like a genius.

At least he didn't spew that "we inherited" nonsense even though the Dems were equally, if not more, responsible for the financial meltdown and where we are today...

and then he ends it with... "We are extraordinarily blessed that we're in a position that we can make a difference in the lives of millions of people." ... what a self centered egomaniac this guy is. Too bad he did not say that the difference is making is a negative one.

ib   November 23rd, 2009 6:27 pm ET

Where is the ecomony turning except worse. He's doing everything he can to shut the coal industry down. Global warming is a farce and todays reports are pointing that out.

Stu   November 23rd, 2009 6:22 pm ET

Yeah, whatever. The only change Obama is bringing is increased welfare, entitlements, and dependency on the gov't for a handout. If unemployment is dropping its only because those laid off are taking whatever job they can find, be it a walmart greeter or bagger at the local grocery store. At least they aren't waiting for their gov't freebie.

NVa Native   November 23rd, 2009 6:17 pm ET

I am proud to have a President who works for the benefit of all the people of the United States, the opposite of our previous Pres and the Repubs who serve only corporate greed.
And the majority of the public wants the health care reform – with a public option.
Unless you are a Fox follower, then you believe only 1/3 of the US cares about their own best interest.
I want more hope and especially more change, thank you President Obama.

reallylivin   November 23rd, 2009 6:16 pm ET

this economy is'nt turning at all . it is stuck in reverse. until all you politicians get out of the drivers seat we are headed for a major accident.come on barrack at least tell it like it really is we at least deserve to hear the truth. most americans already know how bad it is. We are on the precipice of a total economic collapse. this is'nt the change i had hoped for BO. Sorry but you won't get my vote next time.

Roy   November 23rd, 2009 6:15 pm ET

The Economy will not recover in the long term until Americans are put back to work. We have a real unemployment rate approaching 19 percent (when you include underemployed part timers and people who have given up looking)

This is getting Great Depression like. We are in the middle of a W shaped recovery, and the second drop is coming.

False hope.

We arent stable yet. We need JOBS.

hereslauphinatcha   November 23rd, 2009 6:09 pm ET

I don't care what the repubs or the gop's say about our President Obama...he's realistic about our country's turnabout for the better. It was a lot worst when the repubs an gop's were in charge.

catmom   November 23rd, 2009 6:01 pm ET

Just curious, what would it take to make you naysayers see improvements? Are you expecting to wake up one day and all of Americas problems are gone? It took Bush and Republicans eight years to screw the country up. It seems that you people are the ones that think Obama can wave a magic wand and just like that Bush's failures are gone. Most Americans know that it will take time for our country to get back to where it was before George Bush. Small steps in the right direction. Try giving credit where credit is due.

www.get2knowpro.com   November 23rd, 2009 6:01 pm ET

...good words, Mr. President. As long as we all, as a nation, keep working hard and pressing on, we'll succeed in all that we need to change in the country.

"Positivity, not negativity." – A Tribe Called Quest.

gwen   November 23rd, 2009 6:01 pm ET

tim I'm sure an intelligent man like President Obama could care less about what sarah palin does or doesn't say – Obama can handle his own against sarah palin and her teabaggers and he has proven it again and again – lets see who won in 2008??!!?? As far as our military – Obama is so supportive – supportive enough to care if they give their life for a meaningful reason – unlike Bush and Cheney who sent them off to a war with out armour or an exit strategy – of course the 2 draft dodgers didn't really care!!

Truth-Bomb Thrower   November 23rd, 2009 5:53 pm ET

And if he had not taken that 800 BILLION dollars (which we didn't have) and flushed it down the toilet, putting us even deeper in debt and further weakening the dollar, we would probably be doing much better. ELECTIONS HAVE CONSEQUENCES, PEOPLE!

gwen   November 23rd, 2009 5:49 pm ET

Fed Up you need to get the facts – job loses have slowed dramatically, manufacturing is up for the first time in 18 months, factories are starting to add to their inventories, the GDP was up for the first time in months – give Obama a break, he can't turn around the mess bush and the repubs left him in 1 year – everyone knows that jobs are the last to rebound, and by the way many of the banks have repayed the money the government loaned them to recover – repaid with interest I might add!!

Jeff   November 23rd, 2009 5:48 pm ET

Has anyone else read Brave New World? Isn't it GOOD to require less labor to produce the same amount? (see paragraphs 5&6 above)

It seems dumb to get more jobs by making things less efficient (i.e. socialism)

Mark   November 23rd, 2009 5:46 pm ET

The people that are saying the economy is no better are wrong and are simply saying it because of their own personal feelings for Obama and the democrats. You are part of the problem and I'm sure you're a republican. Why don't the republican work with the democrats? It's obvious the republicans aren't serious about health care reform. You must debate it, don't you know that? Get over your own insecurities and do something to actually help. Otherwise, abolish the republicans since you aren't doing anything anyway.

C. Farrell, Houston, Tx   November 23rd, 2009 5:46 pm ET

The economy is growing again dispite all the odds against our President because he is a President for the people and for that reason he works hard for all of us and not a party.

Mix   November 23rd, 2009 5:45 pm ET

Great, and as soon as the ill conceived "Health Care Reform" gets passed.....BAM! Back to the stone age...

Kevin in Ohio   November 23rd, 2009 5:43 pm ET

The economoy is growing?????????????? I don't think so. Unless he is comparing it to the shrinking dollar. We are in trouble,folks, and if we don't do something about the people in power, its our own fault.

mjm   November 23rd, 2009 5:40 pm ET

"They have learned to produce the same amount of goods with fewer people," Obama said, adding that "all of these things contribute to challenges of creating jobs in this economy."

Wait until you see how they get by after this socialized health care bill passes. More job cuts are on the way.

As long as their payroll is below a certain point, or their income is low enough, you can avoid the new taxes that come with the Pelosi and Reid bill.

All they need to do is cut jobs to avoid the health care tax.

That’s why "trickle down taxes" never work.

Rob   November 23rd, 2009 5:39 pm ET

Keep telling yourself that enough times and you may begin to believe it. Don't take a step out into REAL America though Obumbles, cuz then you'll find out just how bad you're screwing up this economy, and just how much people DO NOT want this disgraceful joke of a thing called "healthcare reform" you are trying to ram down our throats.

WIlly Brown   November 23rd, 2009 5:34 pm ET

Who's he trying to kid, CNN ?

Fed Up   November 23rd, 2009 5:34 pm ET

Yeah, whatever. Companies are still laying people off in droves. Unemployment is no longer available for many unemployed because their claims are no longer renewable, but the economy is getting better. Oh, I forgot. The banks are making out like bandits!

buckwheat   November 23rd, 2009 5:30 pm ET

Things tend to turn over just before they croak and the economy is the same.

Gop   November 23rd, 2009 5:29 pm ET

Any Intelligent person will tell you the economy is no better then it was when things started getting bad.

I guess if Obama and his state controlled media reports things are looking up then they hope you liberal dim-wits believe them.

Someone in another post said ‘Health care reform is all about giving the consumer a CHOICE’

How is forcing people to buy insurance they may not need or want called giving them a choice? And if it’s a choice then why is it in the bill you must have healthcare and if not you can be fined $250,000 and spend 5 years in prison? If that’s my choice then it might be time to leave this country I love.

I hope every one of wealth gets to the point they are tired of paying out money they had to earn just so Obama and his party can give it always in Government programs that they believe will buy them votes.

Then when these wealthy people leave the country who will Obama and his party steal money from in order to give you lazy folks your free ride.

SOUTHERN HOTTIE   November 23rd, 2009 5:24 pm ET

AMERICA: YES WE CAN and YES WE WILL have a prosperous future.

All you that chide Barack and continually diss him just don't get it. This is a guy who knows how it feels to be poor and he knows what to do to fix that problem.

I have confidence in my president. I hope you all do too.

OBAMA/BIDEN 2012

dwayne   November 23rd, 2009 5:21 pm ET

Great Job- President Obama

darahs   November 23rd, 2009 5:20 pm ET

Obama: US economy has 'core strengths' (AP)

This is what McCain told in the campaign and candidate Obama bashed him and now he uses the same terms and media is letting him go easy.

Bedtime for Obonzo   November 23rd, 2009 5:19 pm ET

Thank you, George Bush, for getting this economy back on track.

Oh, wait - Bush gets blamed for all the bad, Obama gets credit for all the good.

Doug   November 23rd, 2009 5:17 pm ET

President Obama said he is blessed to have his ivy league administration that is doing better than everybody else. As a democrat, I am having a bad year after getting him in the white house.
They are the problem, he says we are helping millions by failing to read bills and changing his policies. Keep dropping the ball and see what the millions think about your country club presidentcy.

terry,va   November 23rd, 2009 5:15 pm ET

What planet are you on Obummie? You are about to have a civil war with all the proposed taxes your socialist government is supporting. Taxes on a health care bill that is out of control. Giving 300 million tax dollars to a crooked Senator street walker from LA for her vote. Getting ready to tax people to fund the war in Afghan. Quit spending money you don't have Obummie. Quit stealing from us or you will get a war in your own country. What part of get your hands out of my pocket don't you understand?

Tim   November 23rd, 2009 5:12 pm ET

And on a related note, Obama has asked Sara Palin to refrain from making comments about the economy, out of fear of political grandstanding against President Barack Obama.

Did you see the news that the Army asked Palin to not speek at Fort Bragg out of fear that there would be political granstandting against Obama? First, our soldiers are professionals. I know Obama can't acknowledge that, but they are. Second, why would they need to grandstand against Obama? Third, grandstanding would not make a good photo-op for Obama.

Thanks for the change, folks.

Mike in LR   November 23rd, 2009 5:11 pm ET

Any growth from government subsidy will be temporary and feeble. 17.5% unemployment is despicable. BO fails at every turn.

Steph   November 23rd, 2009 5:08 pm ET

I think the economy would turn around much faster if 20% of our population would get involved in fixing what W broke instead of protesting "failed policies" that are actually working. Tea-bagging will not help create new jobs...contrary to what Rush told you.

Steph   November 23rd, 2009 5:04 pm ET

The DOW hit a 13 month high today. Apparently those crazy capitalists on Wall St like socialism. By the way, all that hope and change is working out quite well, thank you very much!

Proud Member..Party of No   November 23rd, 2009 5:03 pm ET

Support for the health care plan proposed by the President and Congressional Democrats has fallen to a new low of 38%. Sixty percent (60%) of voters believe passage of the bill will lead to higher health care costs.

Rick McDaniel   November 23rd, 2009 5:02 pm ET

That's just "convince the public" rhetoric, with absolutely no basis in fact.

Dutch/Bad Newz, VA   November 23rd, 2009 4:58 pm ET

Use the rest of the TARP funds and give it t small business.

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