But while our economy may be weakened and our confidence shaken, though we are living through difficult and uncertain times, tonight I want every American to know this: We will rebuild, we will recover, and the United States of America will emerge stronger than before.
The answers to our problems don't lie beyond our reach. They exist in our laboratories and our universities; in our fields and our factories; in the imaginations of our entrepreneurs. What is required now is for this country to pull together, confront boldly the challenges we face, and take responsibility for our future once more.
Because of this plan, there are teachers who can now keep their jobs and educate our kids. Health care professionals can continue caring for our sick.
Because of this plan, 95 percent of working households in America will receive a tax cut--a tax cut that you will see in your paychecks beginning on April 1st.
Because of this plan, families who are struggling to pay tuition costs will receive a $2,500 tax credit for all four years of college. And Americans who have lost their jobs in this recession will be able to receive extended unemployment benefits and continued health care coverage to help them weather this storm.
So tonight, I ask every American to commit to at least one year or more of higher education or career training. This can be community college or a four-year school; vocational training or an apprenticeship. But every American will need to get more than a high school diploma. And dropping out of high school is no longer an option. It's not just quitting on yourself, it's quitting on your country. That's why we will provide the support necessary for all young Americans to complete college and meet a new goal: By 2020, America will once again have the highest proportion of college graduates in the world.
We will double this nation's supply of renewable energy in the next three years. We've also made the largest investment in basic research funding in American history--an investment that will spur not only new discoveries in energy, but breakthroughs in medicine and science and technology.
But to truly transform our economy, to protect our security, and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy. So I ask this Congress to send me legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America. And to support that innovation, we will invest $15 billion a year to develop technologies like wind power and solar power, advanced biofuels, clean coal, and more efficient cars and trucks built right here in America.
Not true. We're importing less than we were just a few years ago. Imports reached a high point of 15 million barrels per day on Nov. 4, 2005. Most recently, they totaled 11.5 million on Feb. 20, 2009. Monthly and annual imports show the same trend.
He's partly right. The Chevy Volt, if it comes to market as scheduled in 2010, would be the first American-made, plug-in hybrid car, and General Motors recently announced that the Volt will use battery systems from South Korea's LG Chem Ltd.
But the U.S. isn't a complete laggard in this department. Ford said earlier this month that batteries for its hybrid, due to be available in 2012, will be supplied by a joint venture between a U.S. company, Johnson Controls Inc., and France's Saft. At least initially, though, the battery cells will be made in France; they will be assembled into power packs in the U.S.
Well, that day of reckoning has arrived, and the time to take charge of our future is here. Now is the time to act boldly and wisely--to not only revive this economy, but to build a new foundation for lasting prosperity. Now is the time to jumpstart job creation, re-start lending, and invest in areas like energy, health care, and education that will grow our economy, even as we make hard choices to bring our deficit down. That is what my economic agenda is designed to do
Data show about 934,000 personal bankruptcies in FY 2008. There are about 32 million seconds in a year. So someone filed for bankruptcy roughly every 30 seconds last year. But even a very high estimate would only attribute half of those personal bankruptcies to medical expenses. So that's one health-related bankruptcy every minute at most.
But Obama's numbers are not certain. The estimate of 3.5 million jobs is backed up by projections from different economists, but others downgraded his job estimate to 2.2 million once the stimulus legislation was finalized. It's worth noting that even Nobel-winning economists disagree sharply about macroeconomic projections. That's because macroeconomics is still a relatively new discipline. There is limited data, and even less agreement about what the available data actually mean.
He's referring to the "making work pay" refundable tax credit, which is only available to workers. There would be no credit for retirees or those who are unemployed; a more modest 75.5% of all households would benefit, whether their members are working or not.
It is also questionable whether all of the tax refunds can properly be called "tax cuts." The credit is refundable and, therefore, is going to many who earn so little that they pay no federal income taxes in the first place. The White House calls them tax cuts, but the nonpartisan Congressional Budget Office officially scores the bill's refundable credits under "direct spending."
But even the program's defenders concede that it can't possibly distinguish between "responsible" borrowers and those who foolishly (or fraudulently) signed up for mortgages beyond their means.
The chair of the FDIC, also said there was no easy way to vet homeowners. "I think it's just simply impractical to try to do a forensic analysis of each and every one of these delinquent loans," she told NPR, adding that it's in the "collective economic interest" to not have more foreclosed homes on the market.
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The above quotations are from 2009 address to a joint session of Congress, plus the Republican Response: Feb. 24, 2009.
Click here for other excerpts from 2009 address to a joint session of Congress, plus the Republican Response: Feb. 24, 2009. Click here for other excerpts by Barack Obama. Click here for a profile of Barack Obama.
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