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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 2526

Obama warns of hard times ahead

By Wajid Ali Syed - Washington Correspondent

Washington, 15 April, (Asiantribune.com): President Obama said that the US is facing a recession caused by wrong and irresponsible decision making at the Wall Street as well as Washington.

In a speech at Georgetown University on Tuesday, he did not mention any significant policy announcements but instead shared his administration's efforts to fix the situation.

He claimed that the economy has signs of improvement. "There is no doubt that times are still tough, but from where we stand, for the very first time, we are beginning to see glimmers of hope." But he also warned the American people of more job loss, saying, "the severity of this recession will cause more job loss, more foreclosures and more pain before it ends."

Obama said a complete recovery depends on two things: building a new foundation for the US economy and making changes in the political landscape. He said the rules governing the financial system must be brought into the Digital Age and that the economy must be transformed from one less dependent on a risk-obsessed financial sector and more on clean energy, good education and health care costs brought under control.

"We must lay a new foundation for growth and prosperity a foundation that will move us from an era of borrow and spend to one where we save and invest, where we consume less at home and send more exports abroad," he said.

President Obama also outlined principles to support the country's economic foundation - which included –

* new rules for Wall Street

* investments in education for a better workforce

* investments in renewable energies and technology to stimulate jobs

* investments in healthcare and

* saving the federal budget

Washington politicians need to make the 'hard decision' necessary to enact those policies, and put national interest ahead of political point scoring, he said.

- Asian Tribune -

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