Sunday, December 7, 2008

Obama - "Economy Going To Get Worse Before It Gets Better" - Translation "Change Is A Bit More Complicated Than When It Was A Campaign Slogan"


"The economy is going to get worse before it gets better," he said twice in the early moments of the interview, taped Saturday in Chicago.

The president-elect announced on Saturday he would call for the most massive spending on public works since the creation of the interstate highway system a half-century ago. In a word of caution to powerful lawmakers, he said the first priority would be "shovel-ready" projects — those that could create jobs rights away.

"The days of just pork coming out of Congress as a strategy those days are over," he added.

Obama said repeatedly that his economic advisers are at work on an economic aid package, but he has largely stayed out of the public debate over bailout aid to the Detroit automakers. Congress and the Bush administration are at work on a plan for roughly $15 billion for General Motors Corp., Ford Motor Co. and Chrysler LLC. Congressional leader hope to pass the measure this week.

Obama suggested he would support such a plan, so long as it was accompanied by conditions to "keep the automakers' feet to the fire in making the changes that are necessary" for longer-term survival. He also indicated he did not believe bankruptcy is an acceptable course of action for any of the companies.

I recall certain prognosticators attacking the post-recession recovery in 2003-2004 as being anemic, failing to create the number of jobs that were seen after the last few recessions. (1992-93, etc). I hope that these same individuals will scrutinize the Obama Administration just the same.

Obama has promised that 2.5 million new jobs will be created based on his policies. I can only imagine the differences in the tone of their coverage between if he falls short of this or if the amount exceeds what is promised. The former will be one of defensiveness and understanding. The later will be a tone in which "Change" was delivered and then some!

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