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US will emerge stronger than before: Obama

Press Trust of India  |  Washington 

Noting that a shrinking is now growing due to the steps being taken by his Administration, President asserted that his country would emerge stronger than before from this turmoil.

Addressing a meeting in Holland, Michigan, on clean energy, Obama asserted that because of the series of steps being taken by his Administration, the US would emerge from this period of turmoil; and come out stronger than it was before.

Referring to the economic recession, he said it was a decade in which it seemed like the values that built this country were turned upside-down.

"Folks who were working hard and honestly every day to meet their responsibilities were running in place or falling behind while high-flying financial speculators who were cutting corners were rewarded with lavish bonuses and benefits," he said.

"It got even worse when the financial crisis sent our economy into a freefall and cost eight million Americans their jobs. Michigan was hit harder than anywhere else. An on top of this recession, you were also rocked by the near collapse of the domestic auto industry," he said.

"It was in the middle of this crisis that my administration walked through the door. And we had a number of difficult decisions that we had to make and make quickly. Some, including shoring up US automakers, weren't real popular, as you will recall. But with millions of jobs at stake, with the future of so many families and businesses on the line, we acted to prevent the country from slipping into an even deeper crisis," he said.

"That's why, when my administration began, we cut taxes for small business owners and for 95 per cent of working families here in Michigan and across the country. We extended unemployment insurance to help folks get through these storms," he said.

"Through small business loans, a focus on research and development and investments in high-tech, fast-growing sectors like clean energy, we have aimed to grow our economy by harnessing the innovative spirit of the US people," he said.

Obama said his goal has never been to create a government program, but rather to unleash private sector growth.

"And we are seeing results. There are 4.5 million unemployed workers already hired whose employers are eligible for a payroll tax exemption, a tax break that I signed into law earlier this year," he said.

First Published: Fri, July 16 2010. 10:18 IST