Obama reaffirms to build new foundation for U.S. economy (2)

08:29, June 03, 2010      

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Obama said that the economy, which was shrinking at an alarming rate when he took office, has now been growing for three consecutive quarters. After losing an average of 750, 000 jobs a month during the winter of last year, the nation has now added jobs for five of the last six months.

The taxpayers money it cost to shore up the financial sector and the auto industry is being paid.

"Despite temporary setbacks, uncertain world events, and the resulting ups and downs of the market, this economy is getting stronger by the day," Obama said.

The President owed the improved economy situation largely to his administration's policies.

His administration's 862 billion dollars stimulus plan included significant investments in education and incentives for growth in renewable energy industries. The 1 trillion dollars health care bill he signed into law in March was the largest overhaul of the U. S. health care system in decades.

And the financial overhaul, which is on the final procedure of legislation, is expected to become law in weeks.

POLICY CHOICES AHEAD

Although the U.S. economy is in on the track of recovery and in a relatively stronger position compared with other advanced economies, there are challenges both domestically and internationally.

In a global economy, Obama said that the U.S. cannot pursue its agenda in a vacuum. That is why the U.S. government has to take coordinated action with the G20 and to expand world markets for American products.

On the domestic front, Obama is pushing his reform agenda, including strengthening regulation, cutting debt, improving education and developing new energy economy to reduce dependence on fossil fuels.

"The economy is still fragile," Obama acknowledged. "We cannot put on the brakes too quickly. We have to do what it takes to ensure a strong recovery."

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(Editor:intern1)

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