President Barack Obama, in his inaugural address on January 20, reaffirmed the need to take "bold and swift" action to address the economic crisis in the United States. The 44th President of the United States said that overcoming the difficult challenges ahead will take time but the challenges "will be met."
As the new president takes office amid a deepening U.S. recession, rising unemployment and financial market turmoil, he maintained that his administration will advance the measures necessary to create jobs and lay the groundwork for economic growth. "We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together," Obama said.
Obama, in his remarks, cited the current financial crisis, the deteriorating housing market and business failures. He attributed the ""badly weakened" economy to "greed and irresponsibility on the part of some, but also our collective failure to make hard choices."
In an effort to further stabilize the financial and housing markets, President Bush, at the behest of Obama, made a formal request to Congress on January 12 to release the second $350 billion tranche of the Troubled Asset Relief Program (TARP). The Senate approved the request, which granted the Obama administration access to the TARP funds
On the role of the federal government, Obama stressed that the issue is not its size or scope but how well it works. Echoing the goals set by recent administrations to eliminate unnecessary federal programs --an effort which met with very limited success --Obama said the White House would keep the federal programs that work and end the unnecessary ones. He also maintained that there will be accountability and transparency over how U.S. taxpayer dollars are managed and spent.
Obama ended his speech on a confident note. "In the face of our common dangers, in this winter of our hardship, let us remember these timeless words. With hope and virtue, let us brave once more the icy currents, and endure what storms may come." He stated that future generations will look back on this time in history and say that "we carried forth that great gift of freedom and delivered it safely" to them.
By Paula Cruickshank, CCH News Staff