May 4th, 2010
12:42 PM ET
5 years ago

Obama on economy: 'Storm is receding'

Speaking about the economy Tuesday, President Obama said the recession was 'not just an economic problem -- it's a human tragedy.'
Speaking about the economy Tuesday, President Obama said the recession was 'not just an economic problem - it's a human tragedy.'

New York (CNNMoney.com) - The past two years of recession have been "difficult," but "the storm is receding," President Obama said in a speech to private-sector business leaders Tuesday.

At the annual meeting of the Business Council, comprised of 150 executives from private businesses, Obama said the recession was "not just an economic problem - it's a human tragedy."

The president touched on several major topics throughout the 35-minute speech, including the labor market, education, health care reform and financial reform.

"Last year the economy was in freefall," Obama said. "Now it's growing again. In fact, we've seen the fastest turnaround in growth in nearly three decades."

Obama said his administration "has a relentless focus" on recovery, and that "spurring job creation and economic expansion continues to be our No. 1 priority."

He emphasized the importance of business leaders seeking common ground. Obama also said he was "pleased" Republican legislators dropped a filibuster on debate of Wall Street reform, which he considers "a reasonable, non-ideological approach to target root problems in our financial sector."

Full story on CNNMoney.com


Filed under: Economy • President Obama
soundoff (37 Responses)
  1. Four and The Door

    Obama said his administration "has a relentless focus" on recovery, and that "spurring job creation and economic expansion continues to be our No. 1 priority."
    ______________________________________________________
    Continues? Since when? Since right after you signed the completely partisan widely opposed $1 trillion Health Insurance bill, maybe. Certainly the Administration and Democratic leadership in congress relented their focus on the economy when they pulled out everything in their bag of tricks to pass that lousy bill.

    May 4, 2010 12:53 pm at 12:53 pm |
  2. Dominican mama 4 Obama

    Thank you for the incredible amount of hard work that you continue to put in on behalf of all Ameicans President Barack Hussein Obama.

    We stand with you sir.

    Obama 2012 ALL THE WAY BABY!!

    May 4, 2010 12:56 pm at 12:56 pm |
  3. Me! In Houston, Texas

    Dear Mr. President,
    Your critics will only complain about the lack of jobs that the stimulus was supposed to create. check with Biden and see how that's going and what must be done to get people working again.

    May 4, 2010 12:56 pm at 12:56 pm |
  4. Da Professor

    "Last year the economy was in freefall," Obama said. "Now it's growing again. In fact, we've seen the fastest turnaround in growth in nearly three decades."

    Now that has got to make the Right-Wing extremists unhappy as all heck! Watch for the Beer Tears on the shirt fronts of Republicans. They are so counting on a bad economy to be reelected.

    This coming on the heals of the American public waking up to the fact of Republican lies about the Health Care Bill, bodes badly for the GOP. My the Tea Party choke on their idiotic claims.

    May 4, 2010 01:01 pm at 1:01 pm |
  5. Rick McDaniel

    Political propaganda.

    Show me the jobs, if you expect me to believe that nonsense.

    May 4, 2010 01:03 pm at 1:03 pm |
  6. Obama the liar

    Another day, another lie from the leader of the Democratic Socialist Party.

    May 4, 2010 01:04 pm at 1:04 pm |
  7. SocialismBad

    The scary part is that Odummie thinks wasting nearly a TRILLION DOLLARS on dumb government programs helped the economy. Yet he doesn' think his constant villianization of banks and businesses hurts the recovery. This is what you get when you put an inexperienced community organizer that never ran anything in charge of the worlds largest economy....

    May 4, 2010 01:04 pm at 1:04 pm |
  8. al in memphis

    Health care reform– check
    credit card reform - check
    Improvement in Afgan war - check
    Save auto industry - check
    Banks started to payback money - check
    Regaining some international respect as world leaders –check
    Wall Street reform - in progress
    Get economy growing again - in progress

    Well, so much for not enough experience to be the kind of president this country needed. Romney said the office of president was not one for on-the-job training - its one for do-the-job results.

    May 4, 2010 01:05 pm at 1:05 pm |
  9. Get A Grip

    "Now it's growing again. In fact, we've seen the fastest turnaround in growth in nearly three decades."

    Does this guy ever get tired of his own lies?

    May 4, 2010 01:07 pm at 1:07 pm |
  10. John independent from NY

    DReam on Obama, have you looked at your bills lately? Quite a large debt and zero plan going forward. Greece here we come!

    May 4, 2010 01:08 pm at 1:08 pm |
  11. Capt. Snarky

    Of course the storm is receding. There's nothing left of any substance for .GOV to take over......

    May 4, 2010 01:08 pm at 1:08 pm |
  12. Peggy - TX

    Our President is doing a great job under sever conditions. Sure hind site is 20-20 and there is room for critique; but strong leadership, good advisors, and a focus on what is good for America verses what is good for the Republican Party have elevated President Obama above his predecessors.

    I am sick and tired of the whining from the minority of Americans that are angry, hate filled, aging members of the me-generation always finding a way to distort facts to support their twisted logic of NOOBAMA (i.e. No Black President on my watch).

    To those who continue to smear their dirty ,hate filled, twisted messages on this blog - clearly all of you hate America!!! – go away and shut up.

    May 4, 2010 01:10 pm at 1:10 pm |
  13. BillE

    Must be because of the party of no and the teabaggers doing nothing but spewing hate and lies.

    May 4, 2010 01:10 pm at 1:10 pm |
  14. gt

    man you need to get out with the real folks,,,its still bad...

    May 4, 2010 01:13 pm at 1:13 pm |
  15. Mike

    nobamby cannot stop spending so the taxes will come after the November elections. He figures everyone will forget by 2012 or he can blame it on someone else. nobamby laughed at McCain for wanting to form a commission to study our economy and recommend solutions. Now nobamby the comic of a CIC has his own commission to figure out what he did and how to undo it. Sounds like a tax increase,looks like a tax increase and smells like a tax increase, must be a tax increase coming.

    May 4, 2010 01:13 pm at 1:13 pm |
  16. Willy Brown

    Keep on dreaming Community Organizer Of The United Sates

    May 4, 2010 01:17 pm at 1:17 pm |
  17. Jimmy

    I think I've heard him say this before... oh that's right he has said it every other month since he's been in office. Words, words, Words.

    May 4, 2010 01:20 pm at 1:20 pm |
  18. ToughLove

    There is always ebb and flow to economics. I fear our previous President was a fiscal liberal in sheep's clothing and our current President almost maniacally overreacted to the recession. As a result, it will take a commitment to conservative economics for two generations before our great grandchildren have relief from this debt.

    May 4, 2010 01:21 pm at 1:21 pm |
  19. j

    I don`t know whether to believe what "they" say or my "lying" eyes.---- Guess I`ll have to go with what I see !!! ---- Sorry, Obama

    May 4, 2010 01:22 pm at 1:22 pm |
  20. Liz the First

    And let's hope everyone remembers in November who caused this storm and who worked tirelessly to fix it in the face of overwhelming opposition to fixing it. time to vote out every republican running for congress! they do not have this country's best interests at heart, only their own and that of the giant corporations. anyone who believes otherwise is terminally gullible.

    May 4, 2010 01:22 pm at 1:22 pm |
  21. anthony

    Obama's name in the headline...
    cue the hateful negative comments in 3, 2, 1....

    May 4, 2010 01:23 pm at 1:23 pm |
  22. Chessnutz of Liverpool NY

    I do not think so Mr. President, hard times have not even begun. We have only felt the outer effects of a very large economic storm. All of that taxpayer spending (8 trillion dollars and counting) is now becoming clear has had little or no impact. Markets continue to move up and down in large movements certainly no a sign of stability ( up 3%, down 3% next day). The national debt is unsustainable and the US credit rating is going to be at risk come 2011 if we do not reduce the debt radically or raise taxes radically.
    The big problem the Global economy is facing is Government interference. The Government needs to stop cherry picking the winners and the losers and let failed business fail.

    May 4, 2010 01:23 pm at 1:23 pm |
  23. Dominican mama 4 Obama

    JUST IN!!! The winner amongst the high schools competing to have the President speak at commencement is Kalamazoo in Michigan!

    I saw your video Kalamazoo, you are indeed the giants! Congratulations!!!!!

    May 4, 2010 01:23 pm at 1:23 pm |
  24. Victim of GOP Taliban

    No actually the economy began its freefall in 2008 – not 2009. Yet the neo-Confederates keep trying to blame Chris Dodd for everything.

    May 4, 2010 01:24 pm at 1:24 pm |
  25. mel

    Bad news for Republicans,a poll just came out from Telemundo,the Hispanic Cummunity now supports the Democrats 82%,thats up from 56% last month,the Gop was gaining ground on the Democrats until ARZ passed that law almost 2 weeks ago,this is very bad news for the Gop,theres no way they can win back the Whitehouse now,82% of hispanics now support the Democrats,and 65% said they is going to vote in november up from 42% a month ago,the media needs to start focusing on this,because this could be the end of the Gop as we know it

    May 4, 2010 01:27 pm at 1:27 pm |
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