Obama to seek support for nearly $1-trillion recovery plan
The president-elect is set to deliver a speech today calling for 'dramatic action' to avoid a withering recession.
Reporting from Washington — President-elect Barack Obama, pledging to "set a new course" for an ailing economy, will deliver a public appeal for his nearly $1-trillion recovery plan today -- the start of a campaign asking Americans to accept the massive spending as a "reinvestment" in the nation.
With the stimulus plan, he believes, the nation should be able to generate 3 million jobs over the next few years. Without it, the unemployment rate could climb into the double digits.
Appearing at George Mason University in suburban Virginia, Obama will deliver his appeal for an "American Recovery and Reinvestment Plan," which the president-elect describes as not simply a "public works program." Instead, according to excerpts of his speech, it is an attempt to invest in areas of the economy that promise new growth and turn around a recession that "could linger for years" if the nation does not act swiftly.
"I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible," Obama says.
With unemployment reaching levels unseen in years, the president-elect paints a dire prediction of where the nation's economy may be headed.
"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.
"We could lose a generation of potential and promise, as more young Americans are forced to forgo dreams of college or the chance to train for the jobs of the future.
"And our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world."
Calling for investments in priorities such as energy, education, healthcare and the nation's infrastructure, Obama says, "there is no doubt that the cost of this plan will be considerable. It will certainly add to the budget deficit in the short-term. But equally certain are the consequences of doing too little or nothing at all, for that will lead to an even greater deficit of jobs, incomes, and confidence in our economy."
mdsilva@tribune.com
