Obama not yet prepared to declare recession over
Obama says all signs are that US economy is going to start growing again. But he says jobs are a challenge. Trade-friendly economies | More on Financial crisis
By Agencies |
WASHINGTON: President Barack Obama isn't ready to close the book on the recession.
Only last week Federal Reserve Chairman Ben Bernanke said the worst recession since the 1930s was probably over.
But Obama tells CNN's ``State of the Union'' that he's going to leave it up to the Fed chairman to say whether it's officially over or not.
Obama says all the signs are that the economy is going to start growing again. But he says jobs are a challenge.
The president says job figures usually are the last to catch up in a recovery and he says that making up for all those jobs that have been lost will require really high growth rates.
He's warning that the jobs picture could get even a bit worse over the coming months and that there might not be enough job creation until next year to deal with the rising population.
"We're probably not going to start seeing enough job creation to deal with the, you know, a rising population until some time next year."
Obama said he believed the embattled US economy would begin adding jobs but said "you need 150,000 additional jobs each month, just to keep pace with a growing population.
"So if we're only adding 50,000 jobs, that's a great reversal from losing 700,000 jobs early this year. But, you know, it means that we've still got a ways to go."
As the United States battles its worst recession in decades which dragged down the global economy, Obama hosts the G20 summit in Pittsburgh, Pennsylvania, starting Thursday aimed at tightening regulations to ensure such a financial maelstrom never happens again.
Obama launched a full-bore media offensive on five Sunday talk shows as part of his push to get Congress to enact legislation on his top priority of health care reform plan.
He began the blitz at the start of a crucial week, including the UN General Assembly and the G20 summit.
Obama was appearing on Sunday morning talk shows on ABC, CBS, CNN, NBC and Spanish language Univision.
Only last week Federal Reserve Chairman Ben Bernanke said the worst recession since the 1930s was probably over.
But Obama tells CNN's ``State of the Union'' that he's going to leave it up to the Fed chairman to say whether it's officially over or not.
Obama says all the signs are that the economy is going to start growing again. But he says jobs are a challenge.
The president says job figures usually are the last to catch up in a recovery and he says that making up for all those jobs that have been lost will require really high growth rates.
He's warning that the jobs picture could get even a bit worse over the coming months and that there might not be enough job creation until next year to deal with the rising population.
ADVERTISEMENT
"We're probably not going to start seeing enough job creation to deal with the, you know, a rising population until some time next year."
Obama said he believed the embattled US economy would begin adding jobs but said "you need 150,000 additional jobs each month, just to keep pace with a growing population.
"So if we're only adding 50,000 jobs, that's a great reversal from losing 700,000 jobs early this year. But, you know, it means that we've still got a ways to go."
ADVERTISEMENT
As the United States battles its worst recession in decades which dragged down the global economy, Obama hosts the G20 summit in Pittsburgh, Pennsylvania, starting Thursday aimed at tightening regulations to ensure such a financial maelstrom never happens again.
Obama launched a full-bore media offensive on five Sunday talk shows as part of his push to get Congress to enact legislation on his top priority of health care reform plan.
ADVERTISEMENT
He began the blitz at the start of a crucial week, including the UN General Assembly and the G20 summit.
Obama was appearing on Sunday morning talk shows on ABC, CBS, CNN, NBC and Spanish language Univision.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
