President Obama said Friday, that there were “glimmers of hope” for the economy but warned that substantial, potentially difficult government action was still necessary to ensure a healthy recovery.
“The economy is still under severe stress, and obviously during these holidays we have to keep in mind that whatever we do ultimately has to translate into economic growth and jobs and rising income for the American people,” Obama said as he convened his economic team.
“And right now we’re still seeing a lot of job losses; a lot of hardship; people finding themselves in very difficult situations either because they’ve lost their home, they’ve seen their savings deteriorate and they’re still at risk of losing their job,” he added.
“We’re starting to see progress,” he said. “And if we stick with it, if we don’t flinch in the face of some difficulties, then I feel absolutely convinced that we are going to get this economy back on track.”
“But it does not mean that hard times are over,” he will say. “This recession will cause more job loss, more foreclosures and more pain before it ends.”
Even after the recession ends, long-term threats to the economy will remain: “the crushing burden” of health care costs, the reliance on foreign oil, the failures of the education system, and the growing debt.
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