December 12th, 2009
06:00 AM ET
9 years ago

Obama: 'Economy is growing again'

Washington (CNN) - President Obama commended the passage of the financial reform bill Saturday, while touting a reprieve in the economic downturn.

"Our economy is growing again," the president said in his weekly radio and Web address. "The flood of job loss we saw at the beginning of this year slowed to a relative trickle last month. These are good signs for the future, but little comfort to all of our neighbors who remain out of a job. And my solemn commitment is to work every day, in every way I can, to push this recovery forward and build a new foundation for our lasting growth and prosperity."

Obama said his recent proposals to provide additional tax cuts and lending for small businesses, and his support of the unemployment insurance extension will help keep the economy moving in a positive direction.

Obama also said Friday's passage of the financial reform legislation will make the U.S. economy less vulnerable to future problems.

"Yesterday, the House passed comprehensive reform legislation that incorporates some of the essential changes we need, and the Senate Banking Committee is working on its own package of reforms," Obama said. "I urge both houses to act as quickly as possible to pass real reform that restores free and fair markets in which recklessness and greed are thwarted; and hard work, responsibility, and competition are rewarded – reform that works for businesses, investors, and consumers alike."

"We can't afford to let the same phony arguments and bad habits of Washington kill financial reform and leave American consumers and our economy vulnerable to another meltdown,' He said.

Filed under: President Obama
soundoff (34 Responses)
  1. John an Independent from NY

    This is only "Pretend and Extend" because nothing is getting any better except the propaganda. Glad I don't have kids is all I can say because the next generation is doomed.

    December 12, 2009 06:09 am at 6:09 am |
  2. Richp from the poconos

    Where ? So far I have not seen or heard of any legislation encouraging American companies to stay here so they can pay higher taxes and have a more intrusive government vs moving off shore where they pay lower taxes, have a higher profit margin and less intrusive government, did I miss something ??? Oh, I get it, this is some more creative DC math, never mind.

    December 12, 2009 06:46 am at 6:46 am |
  3. Stacie

    The economy is growing again, thanks to the quick work of our government. I'm not a huge fan of "big government" but to paint those we have elected to serve us as always bad, is just plain ignorant!

    December 12, 2009 07:21 am at 7:21 am |
  4. Jim in Indiana

    The financial reform bill start. What we should do is break up the big banks. To big to fail means to big to let them fail. Guess what. They failed. Break them up before they ruin this country.

    December 12, 2009 07:27 am at 7:27 am |
  5. Marie MD

    All I know is that my 401k and my investment money are finally gaining. I am not too sure about the job market yet.

    December 12, 2009 07:28 am at 7:28 am |
  6. Chris

    So less people are losing jobs? Is that supposed to be good news? Obviously it is not good news. It is simply "bad news on a smaller scale". Assuming the E.P.A. Puts its intrusive restrictions on the economy coupled with cap and trade legislation with health reform that bloats the deficit, I, along with every other american willing put a little foresight into what seems to be happening to our way of life since this administration took power can easily tell that we wont be seeing any truly good news for some time to come, if ever again. Things really do look scary.

    December 12, 2009 07:29 am at 7:29 am |
  7. C Spurgeon

    You need to come to Walmart and see inflation at work before you make decisions to forego SS Coa. Main st is hurting and jobs are needed and that includes older Americans.

    December 12, 2009 08:01 am at 8:01 am |
  8. Success

    Well at last the recession is finally winding up. Shame to all right wing nuts!

    December 12, 2009 08:10 am at 8:10 am |
  9. Marion/Alabama

    Rush and pass another bill,Hurry and pass this bill,we need it passed fast,I mean now we can not wait,fools rush in. What is this fool doing to our country? more and more bills that do nothing but cost us more and more money,by rushing to get passed. Have we not learned our lesson about pushing a bill,before we know what it will bring? AIG Bonuses,studying the grandparents of Alaskans,studying Ants habits,replacing sand on beaches that erode every year,studying the odor of a pig farm,just a few in the stimulis bill,that was a necessity to pass quickly.In order to save the economy?

    December 12, 2009 08:14 am at 8:14 am |
  10. Success

    Well at last the recession is finally winding up,in just less than a year. Shame to all right wing nuts! Beck, limb'pig' & hannity must be wailing. Oh wait! They are shameless bunch of idoits!!

    December 12, 2009 08:17 am at 8:17 am |
  11. Michele

    I'm trying to remember any time that we heard Bush say "I promise to help
    Americans." It was always "Congress must pass the war funding to keep America safe from terror." He always neglected to tell us that the terror was of his doing, and that the war dollars he had to have were being funneled to contractors and not the soldiers and not the Iraqis in desperate need.

    December 12, 2009 08:24 am at 8:24 am |
  12. Woonsocket

    Mr. Obama has no idea of what he speaks. The fundamentals of this economy are a disaster, primarily because his lefty allies in Congress are staggering around like heroine addicts spending and regulating the economy into a Castro type hell hole.

    December 12, 2009 08:29 am at 8:29 am |
  13. phoenix86

    Obama is a fool. Adjust for government jobs and the economy is still cutting employees. He promises tax increases and bigger government then wonders why businesses don't (can't) hire and keep shedding jobs.

    "phone arguements and bad habits...", what a JOKE! Obama is spending more than any other president in history. He is an economic nighmare. Of course, idiots will still chant "Bush", but if Bush were still president the US would have been out of the recession months ago.

    December 12, 2009 09:00 am at 9:00 am |
  14. Dennis

    It would be a huge mistake to allow the only people who benefited from this financial crisis to sabotage the effort to bring meaningful reform to the financial industry. The executives have demonstrated again and again they have no regard for taxpayers, customers or anyone other than their own greed and arrogance. These guys have been rescued and made whole and are again receiving their huge BONUSES, while the average American is still paying the price and will for many years to come. WANT TO REDUCE THE DEFICIT BROUGH ON BY TWO WARS, THEN TAX THE GREEDY BASTARDS.

    December 12, 2009 09:03 am at 9:03 am |
  15. Fed Up

    While the "economy is growing" why are all the folks that are now off unemployment (because it has run out, including the extensions), unable to find jobs? Seems to me that the only sector of the economy that is growing is the banks and insurance companies. They're making lots of money and will be making more, as soon as the new medical bill is passed.

    December 12, 2009 09:18 am at 9:18 am |

    what are the rethuglicans going to scream about this one LOL

    1) Its Tax and Spend BS
    2) ITs Communist
    3) Its a terriorist take over BS
    4) Terrorist gona kill grandma if passed
    5) There a Death Panel in the bill to secretly kill your Grandma LOL

    Well it definitely much better what we had the last 8 years of rethuglican rule

    BORROW and GIVE to the top 1 percent. LOL The LARGEST WEALTH REDISTRIBUTION HACK every seen in all of American history LOL.

    Republicans PROTECT DEAD BEAT CORPORATIONS by lifting all rules so they can STEAL legally from Americans and twist it into some perverted twisted ideology to feed there sheep and say its good for them. Any one who disagree is a COMUNIST

    Democrats PROTECT American citizen and hold Corporations accountable for the action, So we can become a more CIVIL SOCIETY. And expose what RETHUGLICANS REALLY ARE PROTECTING and it is not AMERICANS for SURE.

    December 12, 2009 09:20 am at 9:20 am |
  17. Steve (the real one)

    Give it a minute! We still have CAP and TRADE and healthcare to go! The real question is what will the economy look like after all that plus after the Dem raises the defict levels

    December 12, 2009 09:28 am at 9:28 am |
  18. here is a question

    I have been hearing about the second dip in the recession, after the home morgages, there is supposed to be a business mortgage hit to the economy... has that happened?

    December 12, 2009 09:30 am at 9:30 am |
  19. jim

    we already know the republicans are upset about this ... which begs the question "why?" how can they be against an improving economy?

    and yet all their comments show they are.

    December 12, 2009 09:36 am at 9:36 am |
  20. Reggie

    NO thanks to Obama's crazy spending spree. The US economy runs in cylces and always bounces back. Obama is only making it more difficult to bounce back faster.

    December 12, 2009 09:38 am at 9:38 am |
  21. Rogue

    Whats next? He will tell us to put on the ruby slippers click the heels & say "I want my 401 to be back to where it was before George Bush got hold of it"

    December 12, 2009 09:44 am at 9:44 am |
  22. wolfgangpitbullingtonIII!

    I don't see how he can have free, and fair markets with all the government intervention he is implementing. The government, being the 900 pound gorilla in the marketplace, over the long term, will kill all creativity, incentive, and destroy the marketplace's ability to create jobs. Obama has fought with, and angered the business sector, so much so, I fail to see how he will ever be able to work with them. Too, the markets have "built-in self-correcting compensatory mechanisms", government intervention alters the "self-correcting" ability of the markets. The best thing for the Socialistic Obama to do is: Keep his Socialist hands off the markets! wolfgangpitbullingtonIII!

    December 12, 2009 09:52 am at 9:52 am |
  23. charlie in Maine

    Good job. It took Bush a few years to get us in this hole. At least you had the sense to stop digging.

    December 12, 2009 09:56 am at 9:56 am |
  24. Mark

    Si is the national debt!

    December 12, 2009 10:07 am at 10:07 am |
  25. Darrell Burks

    President Obama's leadership through this economic climate has been excellent. I am proud to have him as our President

    December 12, 2009 10:08 am at 10:08 am |
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