Obama claims American economy has stabilized

Obama claims American economy has stabilized

US President Barack Obama has asserted that he has been successful in his efforts for stabilizing economy of the United States. Obama said that efforts were made to make sure that the US economy didn’t “tip into a Great Depression“.

Obama added that while China is spending 9 percent of GDP on infrastructure, the US is spending only 2 percent but things are back to good with people now getting back to work.

From Economictimes.indiatimes.com:

“My first task was to make sure that we stopped the bleeding, make sure that we stabilised the financial markets, making sure that we didn’t tip into a Great Depression. And we have succeeded in doing that,” Obama said at a party fund raising event in Philadelphia.

“But the hole that we dug was deep and millions of people are still out of work. Hundreds of thousands of people have lost their homes. People have trouble paying their bills.

“Young people have trouble when they get out of school finding a job. So it wasn’t enough just to stop the bleeding. We also had to lay that new foundation to make this economy stronger. That’s what we’ve been doing,” he said.

The US President said his administration made the largest investment in education at the federal level in history, and freed up billions of dollars to go directly to young people so that they could go to school.

“We made the largest investment in research and development in our history because we knew that we had to regain our competitive advantage in a 21st century global marketplace. We started investing in infrastructure because it turns out that we used to have the best infrastructure in the world and we don’t anymore,” he said.

Obama also said that the Republicans were seeking the driving keys of the nation after the mid-term polls.

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