US must act swiftly to address economy: Obama

President-elect Barack Obama said that Democrats and Republicans need to act with urgency to address the “great and growing” economic crisis, warning of double-digit unemployment if swift action isn’t taken. “These are America’s problems, and we must come together as Americans to meet them with the urgency this moment demands,” he said today in his weekly radio address. “If we don’t act swiftly and boldly, we could see a much deeper economic downturn that could lead to double-digit unemployment.”

With the US amid its worst economic slump since World War II, Obama said he is looking forward to meeting with leaders of both political parties in Washington in the new week.

Job losses are likely to continue this year, as economists surveyed by Bloomberg News in December forecast the jobless rate to rise to 8.2 per cent by the end of 2009 from 6.7 per cent in November.

The incoming 44th president, back on the US mainland after a 12-day vacation in Hawaii, is working on a package of tax cuts and spending on infrastructure, such as roads, bridges and transit systems, to stimulate growth and create 3 million jobs. Eighty percent of these will be in the private sector, he said.