Obama: the Economy Is on the Mend (if Slowly)

By Newser Editors and Wire Services
Posted Aug 1, 2009 7:48 AM CDT
President Barack Obama, left, and White House Press Secretary Robert Gibbs, right, walk out Blair House and across Pennsylvania Ave. to the White House in Washington, Friday, July 31, 2009. Obama held...   (Pablo Martinez Monsivais)
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(Newser) – Citing fresh evidence that the economy is on the road to recovery, President Obama this morning credited his $787 billion economic stimulus program for helping "put the brakes on this recession," and cautioned that full recovery will take many more months. The country's future economic prosperity depends on building a new, stronger foundation and recapturing the "spirit of innovation," Obama said in his weekly radio and Internet address.

The president cited yesterday's Commerce Department report showing that in the last few months the economy overall has done "measurably better than expected." He mentioned his administration's efforts to limit home foreclosures and unlock frozen credit markets to encourage lending to people and businesses, along with the mixture of tax cuts and spending included in the stimulus program. The stronger foundation for the future he wants to build includes having the best-educated, highest-skilled workers in the world, a health care system that fosters innovation by holding the line on costs, building a clean energy economy, and investing in research and development, Obama said.