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President Obama: Big Spending Needed for Recovery

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Georgetown University

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President Obama Defends His Recession Budget

04 min 45 sec

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President Obama makes three points in response to accusations that he is "mortgaging our children's future."

He plans to discipline the federal budget through reforming wasteful spending and health care.
President Obama Outlines Plans for New US Economy

04 min 01 sec

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President Obama names Wall Street regulation and renewable energy to be among the five pillars of his new economical program.

He hopes this foundation "will move us from an era of borrow and spend to one where we save and invest."
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49 min 55 sec

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There are 10 comments on this program

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Previous FORAtv comments:

DDixon

Posted: 01.20.11, 06:12 PM

Finally a politician trying to install some long term vision. For too long political policy has focused on short term economic gain for the 'elite' few.

rgray222

Posted: 02.03.10, 07:02 AM

This President might be able to speak well but now after one year we now see that he cannot Govern well or keep his promises. What happened to the 5 day waiting period before he signs any bill. What happened to the earmarks he so rightly promised to eliminate. What happened to putting healt care discussion on on CSPAN (8 times promised). What happened to not catering to special interest groups then promising the Unions they would be exempt from the 40% tax on their health care. Earmarks became the backbone of the health care bill as we saw with the deals in Nebraska, Louisana, Rhode Island. The special interest unions marched into to his office and he capitualted! Transparency was not had, honesty was not delivered and good governance was nowhere to be seen.

zogg

Posted: 05.02.09, 10:50 AM

Your right that the inflationary risks are staggering. This budget and the FED rate is going to cause inflation. That's the point. The US is practically bankrupt. This plan will cause a dollar devaluation and a loss of its status as the main reserve currency. The foreign debt owed will be inflated down to a sustainable amount.The devaluation will help American manufacturing to compete on the export market. It will also cause severe economic hardship to the people who hold US debt. Mainly the Chinese and gulf states. This will damage these undemocratic countries. It's a plan. I think its a good one.

TreeLuvBurdpu

Posted: 04.26.09, 10:08 PM

How many people have their paychecks cut at the discretion of this man? How many of the people clapping in the audience? How many of them work for the NEA? Of course they are happy. Of course Wall Street is responding positively for a while. But this man and everyone in government's check is funded by the productive energies of corporations and private industry who he will be raising taxes on and in some cases competing with. The fundamental question for me is: What do you value more, the government or the economy? In those cases where I have to choose I would pick the economy. As far as I know, we would not have a government without an economy.

TheLobbyist

Posted: 04.26.09, 06:23 AM

Aleodonzo, I concur... but I should want to qualify your comment on 'let"s put politics aside'. Make that: Let's put party-driven, populist politics aside". Because in essence, investment politics should go hand in hand with thorough reviews of, for instance, the U.S. defense (Pentagon) budget. Last year in May, Pentagon pundits couldn't even account the Defense Inspector General for almost $15 billion dollars (which was supposedly allocated in the Iraq effort)...but fell short of sound arguments where the money was spent for at the auditor's request ! Public perception tells these discretionary Armed Forces offices can reap the money from Congress without ever returning the proper receipts (accountability) for it. How sad is that? Obama better keep a good eye out. Let's never forget Eisenhower's farewell adress, warning about the rising cost of defense industries and global involvement in foreign crises. Put DARPA pet projects on hold, take a re-assesment of foreign government investment plans and look at the financial input-output balance. Also, Mr. Obama's financial team should consider reprogramming funding because a lot of administrative surplus costs simply flows away in the course of well-intended development aid abroad... We can invest while also sanitizing some idioitic spending on some fronts.

__________________
"Οποιος αγαπεί τον εμφύλιο, δεν εχεί πατρίδα" - Whoever desires civil war is homeless - Aristophanes (446-385 B.C.)

aleodonzo

Posted: 04.24.09, 07:17 PM

President Obama's recovery program is the best way forward for the country. He is sincere and candid about his recovery. I saw in his eyes a high degree of optimism. Let's put politics aside and give the Mr. Obama a chance to push through his recovery. Doing nothing and ideological critism will not any good for the country.

TomMaher

Posted: 04.24.09, 02:56 PM

The inflationary risks in the Obama plan are staggering? How would you characterize the consequences of the housing bubble? That was so inflated that it finally popped. The stock market? How could you call those numbers anything except inflated? Massive investment in technological and bricks and mortar infrastructure will allow the economy to grow large enough to repay the debt we are creating. Let's create real prosperity instead of wealth based upon wild speculation. Let's rebuild the middle class.

Aussie Hegemon

Posted: 04.24.09, 06:59 AM

Of course he has "every right" to stick up for his plan - that doesn't mean that he isn't wildly askew on his grasp of some fundamental economic principles. There's are a lot of straw men popping up in this argument. I don't hear anyone arguing that spending and stimulus NOW isn't necessary - only that the scope of spending in areas less likely to boost the economy in sustainable ways is irresponsible and, more worryingly, potentially crippling for future generations. There's no getting around this one reality: You can't borrow your way out of a debt-driven economic crisis. It is every bit as intuitive as it sounds. The inflationary risks in the Obama plan are staggering.

JacobvanLennep

Posted: 04.24.09, 01:51 AM

Yes bapyou, that's exactly what was thinking when watching this clip too. The new president speaks so crispy clear and proper english. As we say in the printing industry: ready to print. As a european citizen I am looking envious to the US. (And believe me: That's been a long time...)

bapyou

Posted: 04.24.09, 12:52 AM

God, is it gooooood to hear a man who can actually speak Egnlish in the office of the President once again. Just think, my fellow Americans: A few short months ago, a man who was close to a functional illiterate held this office, regularly butchering the English language in full view of the nation and the world. No more wealthy families putting their half-wit sons in office. Please, America. Please.