April 14th, 2009
11:06 AM ET
11 years ago

Obama to update nation on economic recovery plan

(CNN) - President Barack Obama on Tuesday will outline how the steps his administration is taking to confront the economic crisis will move the economy from "recession to recovery," the White House said.

In an address at Georgetown University in Washington, Obama also will detail the work that still needs to be done to get the economy back on track.

The speech, which will air live on CNN and CNN.com at 11:30 ET, comes a day after the president declared that his stimulus plan is "starting to work" and that transportation projects are coming in ahead of schedule and under budget.

CNN contributor and Republican strategist Ed Rollins said Tuesday that Obama needs to remind the country that the economy is steadily moving forward. He also needs to provide encouragement, considering that Wednesday is tax deadline day, Rollins said.

"A lot of people think about money and their own personal finances when you basically sign your name on that dotted line and send your tax dollars in, so to a certain extent it's a good time," he said.

The president has struck a more optimistic tone in recent days, saying Friday that he was starting to see "glimmers of hope in the economy," partly as a result of his administration's actions.

"I think there are a few glimmers of hope," Chrystia Freeland, the U.S. managing editor of the Financial Times, agreed Tuesday.

"There are some good signs, and also the stimulus is starting to work. That's a huge amount of money that the government is pumping into the economy. It has to have some impact, and it is. But I think it would be far too early to declare a victory," Freeland said.

Obama signed into law his $787 billion economic stimulus plan in mid-February, calling it the "beginning of the end" of the country's economic woes.

A CNN/Opinion Research Corp. poll released Tuesday showed that nearly six in 10 respondents, or 58 percent, think Obama has a clear plan to get the economy back on track.

That figure is more than double the 24 percent who think that Republicans in Congress have a clear plan on the economy. Nearly three in four polled said the GOP doesn't have a clear economic plan.

Federal Reserve Chairman Ben Bernanke was expected to say Tuesday that he sees "tentative signs" that the economic decline is easing.

"A leveling out of economic activity is the first step toward recovery. To be sure, we will not have a sustainable recovery without a stabilization of our financial system and credit markets," Bernanke planned to say in a speech at Morehouse College in Atlanta, Georgia, according to excerpts of his address.

"I am fundamentally optimistic about our economy," the excerpts say. "Today's economic conditions are difficult, but the foundations of our economy are strong, and we face no problems that cannot be overcome with insight, patience and persistence."

Lakshman Achuthan, managing director of the Economic Cycle Research Institute, said leading indicators such as the stock market and growth rate suggest that things may have bottomed out and the economy could be turning around.

"When you see that sequence, it foretells that essentially the worst may be upon us right here. So you're still going to see bad unemployment numbers and things of that nature, but forward looking, there are objective signs of hope," Achuthan said.

But he noted there's no clear science when it comes to the economy because there are "human beings involved and we have all these crazy emotions."

"Preceding this crisis, we all had a huge error collectively of optimism, and following the crisis, just as the recovery is happening, we're all collectively going to have a big error of pessimism. It's the way it's worked since the beginning of time, and it will work this time, too," he said

Filed under: Economy • President Obama
soundoff (33 Responses)
  1. Terry, TX

    However, we have the President giving the same speech we have heard over and over... right now it just finished.....trying to pass his bloated Budget for next year(s). How about not spending any more money on anything until the economy is healthy...that's a thought. I guess he feels if he repeats enough times we will believe it....nah....not this American Taxpayer.....you don't save by spending....you don't reduce a debt by spending. The biggest joke is the carbon tax...our utilities and products go up for government tax purposes....to pay the democratic wish lists. I should say to pay for what they already passed....heaven forbid next yr..

    April 14, 2009 12:41 pm at 12:41 pm |
  2. Dave in Illinois

    When will Obama get off the campaign trail and stop demonizing Bush, Republicans, Wall Street, bankers, etc.? How can the country look forward when half his speeches are spent looking backward trying to absolve the Democrats from any responsibility for the economic crisis and the other half of his economic speeches are justifying an expansion of government and spending based on preventing the abuses he sees in capitalism.

    It will draw cries of anguish from the left, but the tactics being employed by the Obama administration to label capitalism and the right as the sources of all evil remind me of the same tactics used by the Nixon administration against the left and the peace movement.

    April 14, 2009 12:43 pm at 12:43 pm |
  3. inat

    heh, i see the market is not quite agreeing with the chosen one's optimism.,

    April 14, 2009 12:46 pm at 12:46 pm |
  4. WaitandSeeIndie

    And now all we have to do is pay for it. Taxes, taxes and more taxes. For those of you that don't think you will be paying for it, do you smoke, drink, drive, work, buy food, clothes, use electricity or pick numerous other sources of revenue that haven't even been thought of yet. We just monetized one trillion dollars worth of debt and also tripled the current debt. It has to be paid for someday. After all, the Chinese won't wait forever.

    April 14, 2009 12:54 pm at 12:54 pm |
  5. Freed_From_W

    "CNN contributor and Republican strategist Ed Rollins said Tuesday that Obama needs to remind the country that the economy is steadily moving forward"

    It's nice to see someone on the right who's not foaming at the mouth when discussing Obama's recovery plan.

    I know the market tends to jump whenever President Obama gives a speech, so this should be good news for everybody.

    April 14, 2009 12:54 pm at 12:54 pm |
  6. Robin

    Let me see, I thought the whole reason the second stimulus was passed was to preserve jobs, create jobs, stop forclosures, and stabalize the economy.

    Why then are there going to be more job losses and forclosures?

    Oh, yeah throwing money at a bad situation does not make it better and people who purchased 800k homes with 40k salaries still can't afford them. Silly Republican Me.

    April 14, 2009 12:58 pm at 12:58 pm |
  7. demwit

    Is Obama trying to keep the economy depressed!??

    DOW -140.02-1.74%

    April 14, 2009 01:02 pm at 1:02 pm |
  8. Mari

    Once again I ask.................



    The nay-sayers will continue their rant, its their right to speak, of course! However, soon......... very soon.......... the nay-sayers will be silenced when the Recovery begins. There are already plenty of signs!


    April 14, 2009 01:02 pm at 1:02 pm |
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