September 20th, 2010
04:43 PM ET
4 years ago

Obama defends economic record

President Obama said Monday that his economic policies helped prevent a depression.
President Obama said Monday that his economic policies helped prevent a depression.

New York (CNNMoney.com) - President Obama said Monday that his economic policies helped prevent a depression, although he acknowledged that many Americans are still struggling.

In a town hall meeting sponsored by the CNBC cable network, Obama responded to questions from unemployed workers, recent college graduates, small business owners and one prominent hedge fund manager. He sought to reassure middle class families that the American dream is still attainable, while at the same time rebutting criticism that he is anti-business.

The meeting came on the same day that the National Bureau of Economic Research said the Great Recession, which began in December 2007, officially ended in June 2009.

However, economists are debating whether the U.S. economy is headed for another downturn, a so-called double-dip recession.

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Filed under: Economy • issues • President Obama
soundoff (71 Responses)
  1. Four and The Door

    The $ 1 trillion stimulus bill didn't work. Unemployment increased.
    ObamaCare does not reduce the cost of health care but in fact increases it along with spending another $1 trillion or more of our tax dollars.
    The hundreds of $ billions thrown at housing recovery haven't turned around that problem at all...just more wasted Federal funds.

    I guess the only way to declare victory for results like this is to say," It coulds been worse" and cross your fingers that the argument sells. But the pile of promises leading up to these large expeditures certainly weren't met. And it doesn't much matter. The money was spent and it's up to America to decide in November who's responsible enough to manage our country and our tax dollars.

    September 20, 2010 05:35 pm at 5:35 pm |
  2. Hunter of the lib hunter

    It was during the last two years of the Bush debacle, the Dow dropped from over 14,000 to 8000. You cannot blame the 49 democrats and the 2 independents in the senate who took over in 2007. The Enron's and the other economic meltdowns were well on their way by then. You wingnuts sure give a lot of credit (blame) to Harry Reid, and imply he was more powerful than the sniveling Bush/Cheney/republican culture of corruption.

    September 20, 2010 05:36 pm at 5:36 pm |
  3. Sniffit

    "Will someone explain to the "Hunter" that it was Democrat controlled House and Senate during the last 2 years of the Bush administration."

    Right after I explain to you that the GOP set records for filibusters and Bush set records for vtoes during that period...effectively preventing the Dems from doing pretty much anything whatsoever.

    Did you know that Barney Frank proposed measures for helping prevent the abuses of the mortgage securities that led to the finance industry collapse and the GOP blocked it? Do your homework.

    September 20, 2010 05:37 pm at 5:37 pm |
  4. Annie, Atlanta

    How can his message defending his record get out there when we have a right biased media.

    Where's the story, CNN, about voter supression tactics going on right now in Wisconsin, by the Wisconsin GOP, Americans for Prosperity, and various tea party groups? Where is it, CNN. You won't share that with us, will you? Your corporate masters won't allow it. Kind of like Jack Cafferty turning all right wing on us all of a sudden. Journalism is dead. The corporations that bought it up killed it.

    The Obama administration saved this country from falling off the economic cliff, and all we get to hear and see are a bunch of ignoramuses dressed up as "patriots" yelling that he's a Marxist, Socialist, Communist, Nazi Muslim. It's better for business, in every aspect.

    September 20, 2010 05:37 pm at 5:37 pm |
  5. Marcus

    Will someone explain to 'Massachusetts Conservative' and 'Orlando Patriot' that during the last 2 years of GWB 2nd term he VETTOED everything that he didn't agreed with? And that the Dems had not enough votes to overturn his vetto? So whatever policies that the Dem wanted to pass it had to be thorougly negotiated with the GOP?
    It's all in the public records of the Congress, or in this 'Ticker' files.
    Just go and check it before making (again) a fool of yourselves...

    September 20, 2010 05:40 pm at 5:40 pm |
  6. Massachusetts Conservative

    Sniffit...you appear to me as someone who is very well informed and extremely intelligent. Your comments are well thought out and well articulated. Even though I don't agree with you, I can appreciate your point of view.

    However...when you CONSTANTLY call people who don't agree with you "racist naysayers", you lose ALL credibility here. Trust me...just because I am a Conservative Republican does not make me racist...it simply means I have different points of view from you about how things should work.

    It's time to give up the race card. People will take you more seriously when you do.

    September 20, 2010 05:41 pm at 5:41 pm |
  7. aliou in Jacksonville, FL

    I would agree that the president and his congress has done a lot to stop recession. However, the results would have been way better if the money was used by unemployed in creating their own jobs.
    -Tie subsidies /tax cuts for hiring companies to social Security by giving the coupon directly to each unemployed. If he/she gets hired, then she/he gives the coupon for the tax/subsidy claim to the employer.

    2- Give the unemployed a coupon to give the bank (lender) for small businesses partnership or startup.

    September 20, 2010 05:41 pm at 5:41 pm |
  8. Saul

    Democrats have had the purse strings since 2006/early 2007 and the terrible leader and great talker was there as a Senator to help increase debt and erode confidence. Obama speaks well but what is said is so patently untruthful it hurts to watch. I will leave it to the so called smart liberals to scream racism but its just driving us all to the polls. The more I speak with neighbors and coworkers they all realize we will never grow with the current leadership.

    September 20, 2010 05:41 pm at 5:41 pm |
  9. Annie, Atlanta

    Sniffit, actually I agree with everything you're saying except it was NOT a Democratically controlled Conress for the last 2 years of Bush. In the Senate there were 49 Ds, 49Rs, and 2 independents, Bernie Sanders and Joe Libermann. I read a lot of right wingers commenting on how the Great Recession is the Dems' fault because they took over in 2006, and that just isn't true.

    September 20, 2010 05:42 pm at 5:42 pm |
  10. Claudia, Houston, Tx

    WHAT HAS A REPUBLICAN DONE FOR YOU LATELY? I salute our men and women in the military that have honored their oath to serve all the American people. Can't say that about Republicans.

    September 20, 2010 05:43 pm at 5:43 pm |
  11. all of America

    obama ,you sound like a crap salesman with a mouth full of samples! You are a chronic liar ,nobody likes your socialistic agenda,Your policies haven't done crap but drive the us further into the dirt The majority of the people can see that you are a huge failure , Blaming president Bush doesn't work ,the people know who they will vote for and it's not you or the corrupt dems !

    September 20, 2010 05:50 pm at 5:50 pm |
  12. Tea Party hostage Help!

    America you have to be a little more patient! President Obama is building this economy on a rock, not sand! Health care, Student finanical Aide Reform and Wall St Reform all are bedrock pillars to compete in the 21 centry. The problem is "you can't learn an old business a new trick". So, The Republican Tea Party is obstructing everything, even the bills they sponsor. All in the name of "waterloo for President Obama. Get out there and vote your arse off!!! to save the middle class america!!!!

    September 20, 2010 05:50 pm at 5:50 pm |
  13. Eric

    "Obama defends economic record"

    Eh, good luck with that...

    September 20, 2010 05:52 pm at 5:52 pm |
  14. Some one who cares.

    It's real funny when you hear people defend the reps, party of no.
    They have done nothing to change our lives but want to take all of the credit.

    for all of the people speaking for the reps. party of no please stop.

    September 20, 2010 05:54 pm at 5:54 pm |
  15. SHawn

    Someone said G.W. veto'd everything the democrats came up with, ummm check your facts. He only veto'd a total of 10 bills, 3 were overridden. Clinton veto'd 37. IN fact you have to go back to Lincoln to find someone who veto'd less then bush.

    September 20, 2010 05:57 pm at 5:57 pm |
  16. Anonymous

    Just again bla=bla-bla and nothing else. Obama is the wors president ever.

    September 20, 2010 05:58 pm at 5:58 pm |
  17. nini

    The SPIN Master.

    September 20, 2010 06:08 pm at 6:08 pm |
  18. The reality is...

    Right, and he defends his plan to redistribute our tax dollars, give back door amnesty to illegal immigrants, the new Black Panthers, ACORN, his Marxist friends and everything else the majority don't support.

    September 20, 2010 06:11 pm at 6:11 pm |
  19. John NC

    Tell the 9.6% unemployed people that the recession is over.

    September 20, 2010 06:11 pm at 6:11 pm |
  20. Jacob

    A vote in Nov. for a Republican do-nothing, say no-er is like shooting yourself in the head. Yet so many are lined up at the trough to do just that. Funny country (the US) we live in, isn't it?

    September 20, 2010 06:19 pm at 6:19 pm |
  21. Rick McDaniel

    His economic record is indefensible.

    September 20, 2010 06:20 pm at 6:20 pm |
  22. gt

    well he cant run away from it ,this is a disaster....were in it up to our ears in debt..

    September 20, 2010 06:22 pm at 6:22 pm |
  23. Reality Check

    Unfortunately Obama's policies have prolonged the financial crisis. The year long debate over healthcare reform slowed recovery by ensuring that businesses would wait to see what the effects of the legislation would be on their costs, so instead of responding with expansion and more investing they proceeded to conserve excess funds. Now with the discussions turning to increasing taxes, Obama has also insured that the recovery will continue to be lethargic as now no one has any idea what tax changes will do to there costs.

    September 20, 2010 06:27 pm at 6:27 pm |
  24. SammyD

    I don't know all these bright folks said the stimulus would not allow unemployement go over 8 percent, so stop blaming Bush, he may have had his hand in the cause (along with the Dems) but Obama is the one who signed a stimulus that didn't work. As far as walking into the mess, he took the job so stop blaming and act like a grown up, that's why people are angry!!!!!!!!!!!!!!

    September 20, 2010 06:29 pm at 6:29 pm |
  25. Uncle Sam

    In early August of last year, the President declared that, thanks in part to his policies, the U.S. economy was “pointed in the right direction.” We have lost jobs in six of the 12 months since then, for a net decline of 52,000 jobs. At 9.5%, the unemployment rate is 1.8 percentage points higher today than when the President took In early August of last year, the President declared that, thanks in part to his policies, the U.S. economy was “pointed in the right direction.” We have lost jobs in six of the 12 months since then, for a net decline of 52,000 jobs. office. There are 3.3 million fewer U.S. jobs than there were in January 2009. The U.S. economy has lost jobs in 12 of the 19 months he has been office The President signed into law an $862 billion stimulus law and two health laws that will create$788 billion of new entitlements over the next decade.

    September 20, 2010 06:30 pm at 6:30 pm |
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