May 4th, 2010
12:42 PM ET
10 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 ( - 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

Filed under: Economy • President Obama
soundoff (37 Responses)
  1. Obama - One Big Ass Mistake America!

    This is a clear case of Obama having control of Americans and convincing Americans of that that is not. I'd like to know where the economy has turned around. I'd like to know why he feels it has begun to turn around when we are still at double digit unemployment rates. Explain this Obama! We are not "ordinary people" as you call us. You are a degrading, belittling person yet you hold the highest office in America. Our kids should look up to the American President who should set an example. This, you have not obtained. You are no different, no better than the rest of Americans.

    May 4, 2010 01:27 pm at 1:27 pm |
  2. Uncle Sam

    So without a tax credit will the housing market hold on? have new home buyers and "moving uppers" already bought, will the summer be slow? July housing numbers?

    The dollar looks good compared to Europe, but thats because Europe and Greek currency is sooo bad. Thats not exactly an endorsement.

    What about all the state, county, and local government and schools trimming budgets and jobs? They hit the street in July.

    May 4, 2010 01:34 pm at 1:34 pm |
  3. Dumbasrocks [R]s

    I thank god everyday that enough Americans finally showed enough IQ, after 8 years of repeated [R] failure and their advertised wish to do even more harm, to finally elect a competent person and party to the presidency. Obama's policies have stopped the economy from sliding into a depression and have started us on our way to a more sane health care system. His admistration has done more positive things for America in its first year than the Bush administration did in 8 - and we might as well throw in his Daddy's adminstration while we're at it, for a total of 12 years of [R] stagnation and failure.

    I also celebrate daily the hand-wringing and temper-tantrums shown by the uber-partisan, [R]ightwing, birth-bagging neanderthals since the 2008 election. They have shown their true drama-queen colors, with their panties riding so high and tight that the oxygen has been cutoff to their already debilitated brains. I drink a beer nightly to toast the discomfort of the rightwing underbelly of this a 60+ year continuation of their demise in WWII.

    May 4, 2010 01:34 pm at 1:34 pm |
  4. Claudia, Houston, Tx

    It's time to keep moving forward and leave those behind that want to go backwards, I chose not to be one of those. Good job Mr. President.

    May 4, 2010 01:34 pm at 1:34 pm |
  5. Terry from West Texas

    Obama said the recession was "not just an economic problem – it's a human tragedy."

    That highlights the difference between Conservatives and Liberals.

    To Conservatives, the recession is merely an accounting problem for the wealthy. To Conservatives, accounting values are the only values that should ever be considered in any situation.

    To Liberals, human welfare and citizen happiness are the most important values. To Liberals, what happens around the family supper table is much more important than what happens around the mahogany table in the corporate Board Room.

    May 4, 2010 01:46 pm at 1:46 pm |
  6. TCM

    Obama's such a liar; "the fastest turnaround in 3 decades?" The economy's on life support from the government; there's no turnaround yet...if not for taxpayer dollars...what a misrepresentation

    May 4, 2010 01:54 pm at 1:54 pm |
  7. Jimmy

    Where are the jobs??

    May 4, 2010 01:59 pm at 1:59 pm |
  8. KPATL

    Obama said "spurring job creation and economic expansion continues to be our No. 1 priority."

    What he wanted to say was,... "spurring job creation and economic expansion in the Government continues to be our No. 1 priority."

    How to kill a country: Hire a ego maniacal socialist educator with no experience that hates businesses.

    May 4, 2010 02:04 pm at 2:04 pm |
  9. Ryan

    The numbers don't lie. Look at the the Dow index from Bush's bailout to today's. After his bailout (when he gave Goldman Sachs the keys to the treasury) every major corporation ha a bonus, a company party, and a 1,700.00 trash can.

    It wasn't coincidence that Obama's bailout marked the reversal of the index when we went from around 7000 in March 09' to over 11000 in April 10'.

    We also made that bailout money back with 21 billion in interest.

    So for anyone accusing President Obama of bankrupting the nation: try taking a math class before a Sean Hannity talking point.

    And if you're going to accuse Obama having accepted campaign donations from Goldman Sachs then understand the truth:
    1. He accepted donations from EMPLOYEES of that company. At no point in time did the company send a representive to him with a check of endorsement.
    2. Even if Goldman had funded his campaign...then it shows Obama is not bought & paid for because he clearly didn't do what they would have wanted and expected him to do. Not to mention hey did send money to McCain at the time in question ...why on earth would one company support two opposing candidates at the same time?

    I'd like to encourage people to get thier news from reporters with INVESTIGATIVE journalism credentials. Not "people who just report what thier producers tell them to report."

    Not one person at Fox news or Rush Limbaugh or whoever has a basic college degree under thier belt in investigative journalism. That's not a coincidence. News is in the business to sell you a story. Not tell, SELL.

    May 4, 2010 02:06 pm at 2:06 pm |
  10. TCM

    "...Federal Government Outpaces Private Sector in Job Creation..."

    From Gallup. This shows that the government, not the economy, is growing....we're all paying people, usually lazies, an avg of $70k a year to take a federal job, where they are a liability for the taxpayer...welcome to Obamaland...where all can be peasants, except for him, of course!

    May 4, 2010 02:07 pm at 2:07 pm |
  11. stevegee

    More spin from the Obama PropOganda Machine ...

    We're just in the eye of the storm. The housing crisis was a mere dip compared to what the upcoming sovereign debt defaults will do to the world economy. But the Democrats don't want the American people to know that. Because when it happens, then they can seize more power and control.

    November 2010 is our only hope: vote American, vote Republican!

    May 4, 2010 02:29 pm at 2:29 pm |
  12. randy

    Is he really this stupid!! Shouldnt he be doing another golf trip while the worst oil spill in history bares down on our coast? Cant we send him to mars that is the only way to save this country from this socialist racist.

    May 4, 2010 02:39 pm at 2:39 pm |
1 2