He sends a message of hope to underpin his economic recovery plan
By
Chua Chin Hon, US Bureau Chief
PHOTO: REUTERS
WASHINGTON - PROMISING that the United States would rebuild and emerge powerful once more, President Barack Obama has delivered his most passionate plea yet for hope and confidence in his ambitious economic blueprint.
Within a month of assuming office in January, his administration had pushed through a US$787 billion (S$1.2 trillion) economic stimulus package and unveiled broad plans to rescue the ailing financial and housing sectors.
MR OBAMA said yesterday that the government cannot operate 'out of anger, or yield to the politics of the moment'.
But he also warned that he would not tolerate the excesses of companies tapping government bailout funds: 'This time, CEOs won't be able to use taxpayer money to pad their pay cheques or buy fancy drapes or disappear on a private jet.'
But slumping stock markets and pitched political battles have combined to cast serious doubts about their ability to halt the US economy's downward spiral.
Mr Obama sought to draw a line under the creeping pessimism in the country at his first address to a joint session of the US Congress, Supreme Court and Cabinet on Tuesday (yesterday, Singapore time).
'We will rebuild, we will recover, and the United States of America will emerge stronger than before,' he said in a 52-minute speech that was interrupted by over 60 standing ovations.
He told anxious families that 'cheques are on the way' for those who qualify for a tax cut under his recovery plan, and reiterated that 3.5 million jobs would be created or saved by projects in the pipeline.
Going ahead, Mr Obama said, his plan would act as a 'vision for America, a blueprint for our future' by reforming education, overhauling public health care, achieving energy independence, and perhaps even discovering a cure for cancer.
This bid to tap into the country's deep well of optimism appeared to have some initial success. A CNN poll of nearly 500 viewers said 85 per cent felt more optimistic after listening to Mr Obama, while another poll by MSNBC found nearly seven in 10 viewers with a similar reaction.
Public support and confidence are crucial, analysts say, as problems like unemployment and home foreclosures are likely to worsen before they improve. Public goodwill is also essential given the anger over the use of taxpayer money to correct the costly mistakes of Wall Street bankers and Detroit carmakers.