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January 8th, 2009 at 1:37 pm

President-Elect Barack Obama Speech Video, Photos 1-8-09 Economy

President-Elect Barack Obama speech on the U.S. economy, January 8, 2009

President-elect Barack Obama delivered a major speech on the U.S. economy and his economic recovery plan on January 8, 2009. See the video and photos of the speech and video of an interview Obama gave to John Harwood of CNBC on January 7, 2008.

President-Elect Barack Obama speech on the U.S. economy, January 8, 2009

In what is considered unusually high-profile action from a President-elect, Obama spoke at George Mason University in Fairfax, Virginia, noting that “We start 2009 in the midst of a crisis unlike any we have seen in our lifetime, a crisis that has only deepened over the last few weeks,” as he outlined the troubling statistics of job losses and unemployment which may possibly get worse. “The unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four.”

President-Elect Barack Obama speech on the U.S. economy, January 8, 2009

He urged Congress to act quickly to pass his American Recovery and Reinvestment Plans which provides for an extensive economic stimulus, as extensive as it is costly (with estimates running as high as $1.3 trillion). The alternative, he stated is the likelihood that “this recession could linger for years.”

He said he aimed to double the production of alternative energy within three years, a seemingly ambitious target; computerize all medical records in the country within five years, a move he said could save lives, money and jobs; modernize 75 percent of federal buildings and improve energy efficiency in 2 million homes; upgrade classrooms, libraries and laboratories in thousands of schools, and expand broadband access to rural areas .

President-Elect Barack Obama speech on the U.S. economy, January 8, 2009

Mr. Obama blamed the current economic morass — in particularly stark terms — on “an era of profound irresponsibility that stretched from corporate boardrooms to the halls of power in Washington.”

While Mr. Obama did not question the American capacity to recover or its potential for “future greatness,” he cautioned that “it will take time, perhaps many years.”

Source: Obama Presses for Action on the Economy

See also: Obama speech transcript January 8, 2009.

Speech video

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