While the latest report about the overall state of the economy shows the U.S. is doing better than expected, President Barack Obama said the real recovery will come when the number of jobless stops dropping.
“As far as I’m concerned, we will not have a recovery as long as we keep losing jobs. And I won’t rest until every American who wants a job can find one,” President Obama said in his weekly address.
Obama referred to a Gross Domestic Product report yesterday which said the economy declined at an annual rate of 1 percent in the second quarter. The economy had contracted by 6.4 percent in the first quarter.
Obama cited economists who attribute part of the changing fortunes of the turnaround to the economic stimulus package. He also noted other steps taken by government to help the economy, including helping some homeowners avoid foreclosures, passing policies to help revive the credit markets, and provide more loans for families and small businesses.
Obama said yesterday’s report was a step in the right direction, noting that historically, the labor market rebounds after the economy regains its footing.
“As I’ve said before, it will take many more months to fully dig ourselves out of a recession,” he said.
Obama said next week he will be emphasizing the need to “recapture the spirit of innovation” by having the best-educated, highest skilled workforce in the world.”
“At a time when folks are experiencing real hardship, after years in which we have seen so many fail to take responsibility for our collective future, it’s important to keep our eyes fixed on that horizon,” he said.
“I know that there are countless families and businesses struggling to just hang on until this storm passes. But I also know that if we do the things we know we must, this storm will pass. And it will yield to a brighter day,” he added.
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