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U.S. President Barack Obama spoke to the country Tuesday night in the annual State of the Union address, an assessment of the nation's biggest issues, and a presentation that is usually draped heavily in rhetoric.
Before the speech, many analysts were afraid President Obama would make broad optimistic statements – while offering no concrete plans for improvement.
White House Senior Adviser Valerie Jarrett said Tuesday morning that one of President Obama's main messages would be to highlight the new "bipartisan spirit" in Washington.
Before the speech, many analysts were afraid President Obama would make broad optimistic statements – while offering no concrete plans for improvement.
White House Senior Adviser Valerie Jarrett said Tuesday morning that one of President Obama's main messages would be to highlight the new "bipartisan spirit" in Washington.
"Tonight's speech is all about winning for the future," Jarrett said in an interview with ABC News. "That's a bipartisan message, it's something everyone can get around."
But with a 9.4% unemployment rate, a $1.3 trillion budget deficit, and federal borrowing estimated to hit the debt limit of $14.3 trillion as early as March 31, most Americans wanted to hear how and when the country's economic outlook would improve.
"As he lays out our economic challenges, he needs to connect them with a set of goals that working Americans feel they will have the opportunity to participate in," Sarah Rosen Wartell, a former domestic policy adviser to the Clinton administration, told Yahoo! News.
Those economic challenges Americans wanted answers on include tax reform, job growth and budget issues. And many were concerned President Obama wouldn't adequately address the need to rein in spending.
"He has got to acknowledge that trillion dollar deficits are a concern…and he needs specific proposals that are credible," David Walker, a former U.S. comptroller general, told Reuters.
Jarrett said the president would speak on the country's record debt, but hinted that he would not fully abandon spending, but instead ensure it is "strategic."
"The message that's so important is that we do have to tighten our belts," said Jarrett. "But we also don't want to walk away from investments that are going to build and grow our economy. Ultimately, the private sector is the engine. That's what's going to fuel the economy and create the jobs of the future. And so what we don't want to do is anything that's going to have a chilling impact on that."
Speaking before the speech, critics said they wanted to know how President Obama would find a balance between belt-tightening and needed new investment outlays. Republicans have criticized President Obama's expansive use of the word "investment" – especially in cases where it's clearly a euphemism for "increased spending."
"I'm hopeful that the president has listened to the American people," said Rep. John Boehner, R-Ohio. "I'm hopeful that the word 'investment' really isn't more stimulus spending and a bigger government here in Washington."
This brings us to next week's Money Morning "Question of the Week": How would you rate U.S. President Barack Obama's 2011 State of the Union address? Did he adequately address economic issues? What parts of his speech did you agree or disagree with? Did he change the way you feel about the year to come? Are you more hopeful – or less hopeful – about the country's economic future?
Send your answers to mailbag@moneymappress.com. We want to hear from you!
[Editor's Note: Is there a topic you want to see covered as a "Question of the Week" feature? Then let us know by e-mailing Money Morning at mailbag@moneymappress.com. Make sure to reference "question of the week suggestion" in the subject line.
We reserve the right to edit responses for length, grammar and clarity.
Thanks to everyone who took the time to participate – via e-mail or by posting their comments directly on the Money Morning Web site.]
News and Related Story Links:
But with a 9.4% unemployment rate, a $1.3 trillion budget deficit, and federal borrowing estimated to hit the debt limit of $14.3 trillion as early as March 31, most Americans wanted to hear how and when the country's economic outlook would improve.
"As he lays out our economic challenges, he needs to connect them with a set of goals that working Americans feel they will have the opportunity to participate in," Sarah Rosen Wartell, a former domestic policy adviser to the Clinton administration, told Yahoo! News.
Those economic challenges Americans wanted answers on include tax reform, job growth and budget issues. And many were concerned President Obama wouldn't adequately address the need to rein in spending.
"He has got to acknowledge that trillion dollar deficits are a concern…and he needs specific proposals that are credible," David Walker, a former U.S. comptroller general, told Reuters.
Jarrett said the president would speak on the country's record debt, but hinted that he would not fully abandon spending, but instead ensure it is "strategic."
"The message that's so important is that we do have to tighten our belts," said Jarrett. "But we also don't want to walk away from investments that are going to build and grow our economy. Ultimately, the private sector is the engine. That's what's going to fuel the economy and create the jobs of the future. And so what we don't want to do is anything that's going to have a chilling impact on that."
Speaking before the speech, critics said they wanted to know how President Obama would find a balance between belt-tightening and needed new investment outlays. Republicans have criticized President Obama's expansive use of the word "investment" – especially in cases where it's clearly a euphemism for "increased spending."
"I'm hopeful that the president has listened to the American people," said Rep. John Boehner, R-Ohio. "I'm hopeful that the word 'investment' really isn't more stimulus spending and a bigger government here in Washington."
This brings us to next week's Money Morning "Question of the Week": How would you rate U.S. President Barack Obama's 2011 State of the Union address? Did he adequately address economic issues? What parts of his speech did you agree or disagree with? Did he change the way you feel about the year to come? Are you more hopeful – or less hopeful – about the country's economic future?
Send your answers to mailbag@moneymappress.com. We want to hear from you!
[Editor's Note: Is there a topic you want to see covered as a "Question of the Week" feature? Then let us know by e-mailing Money Morning at mailbag@moneymappress.com. Make sure to reference "question of the week suggestion" in the subject line.
We reserve the right to edit responses for length, grammar and clarity.
Thanks to everyone who took the time to participate – via e-mail or by posting their comments directly on the Money Morning Web site.]
News and Related Story Links:
- ABC News:
State of the Union 2011
- Reuters:
Obama under scrutiny for clues on deficit in speech - NPR:
Jobs, Of Course, But What Else Will Obama Say?
- Reuters:
Obama to propose spending freeze but can't avoid fight - Money Morning News Archive:
Question of the Week Feature
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Lackluster
Simple. Just put a 25% import duty on all goods coming into USA .
Make in three moves.
Do this immediately after alerting the US Milatary Forces because this move would
quickly reduce our mounatain of debt by returning money to the USA. This would
anger China or worst but level the playing field.
THIS WOULD REVERSE WHAT CHINA HAS BEEN DOING TO US BY KEEPING THEIR
CURRENCY UNDER VALUED MAKING THEIR EXPORTS VERY CHEAP.
Letter grade is "F". Pres. Obama needs to restart his arithmetic schooling. If the 2011
deficit is $1.5 Trillion, "cutting" $400 Billion over 10 years ($40 Billion yearly) cannot
possibly "reduce the U.S. Debt". Do the math–$40 Billion is less than $ 0.1 Trillion, so the
U.S. Debt increases $1.5 Trillion in 2011.
All the dreams about high-speed rail, more education spending, etc. are like a person
maxed-out on all their credit cards looking at Rolls-Royces because they are an "investment."
So, Mr. Ball finds investing in America's future a zero sum game. Perhaps he'd be
more comfortable continuing the usual "conservative" agenda: let banks and money
manipulators enrich themselves while adding nothing to the GDP; or
maybe just engage in a couple of more wars somewhere to sustain jobs in the
military/industrial complex. As usual, the right wing is contemptuous of anything
progressive but unable to offer any solutions themselves. Fear solves NOTHING!
Try as I might, I found nothing about "fear" in my response, nor is there any support of
unrestrained banks and money manipulators. So-called "progressives" are not promoting
"progress." Rather is it self-indulgence and hedonism. When a logical person is broke, he
first stops spending. That is the "solution." Then, he seeks to get revenue, not spend
more and hope for wealth to fall out of the sky. So-called "progressives" do not admit
self-restraint is a "solution" to an economy run amok.
I didn't BOTHER to listen, same non meaningful chatter
Yo,
I am looking for a garage door company in Poland (I've spent the past two years of my life here, studying) and was thinking if you are aware of such company. Two days ago I stumbled upon a firm called Rapi.eu that is a Warsaw based business (the capital of Poland). Have you heard of them? You can look at their web site here: bramy garazowe warszawa
I need some suggestions on how to mount garage doors appropriately and might even end up hiring them to do the work for me. I'll add that I do not have a huge spending budget because I've already spent a whole lot on the interior of the house (floorboards, furnishings, home appliances).
I would love to hear back from you
Regards