President Obama: U.S. Economy Recover

Metro-reality.com, Washington DC: Referring to reports last week about the gross domestic product (GDP), President Barack Obama said the United States has recovered from deep recession. The proof, hundreds of thousands of jobs have been create through massive investments. President Obama said also, for the first time in more than a year – faster than in the previous two years, the U.S. economy growing again.

“Today (31/10), I am pleased to offer some more good news … and a reason to believe that we are moving in the right direction,” said President Obama in weekly radio address quoted as saying by AFP. Obama said the stimulus package Restoration Act 787 billion dollars that passed earlier this year has helped create or save more than one million jobs.

As reported by AFP, the data-Recovery.gov broadcast on-site supervision of an independent panel of stimulus measures, showed 640,329 direct jobs saved or created up until 30 September, while officials say the actual number of jobs created more than one million.

However, the Republicans accused the government of making up stories about the amount of job creation “out of thin air” to disguise the failure of economic policies Obama. Unemployment remains a major obstacle to recovery, with the last monthly figures on September unemployment rate rises to highest in 26 years of 9.8 percent, to accelerate the loss of jobs to 263,000.

U.S. consumer spending, the main drivers of growth, fell for the first time in five months in September, official data showed on fears the economy may be slowing after the exit of the recession.

Household spending down 47.2 billion dollars or 0.5 percent last month, according to most economists estimated, after a revised 1.4 percent jump in August. Department of Commerce said this condition is the biggest decline since December 2008. However, Obama said there is reason for optimism.

“We’ve saved the work by closing the state budget shortage to prevent layoffs of hundreds of thousands of police staff, firefighters, and teachers who today are called, and in the classroom because the Restoration Act,” Obama said.

“And we also create hundreds of thousands of jobs through the largest investment in our roads, began construction of interstate highways, and the largest investment in education, medical research, and clean energy in history.”

It’s just, President Obama reminded a lot of work still lay ahead. Because of that, Obama wants to create an economy where jobs are available and incomes to rise again. “Our economy is built on a solid foundation, which supports strong growth, sustainable, and is widely embraced by middle-class families across America,” Obama said.