Obama: Light at the End of the Tunnel’ for Economic Recovery

Posted August 7, 2009 at 12:57pm

President Barack Obama said there is “light at the end of the tunnel— for the economy as he marked the slight decrease in unemployment announced Friday by the Labor Department.But, speaking in the Rose Garden, Obama was careful to note that the economy is not yet fixed. “We have a lot further to go,— he said.The Labor Department revealed that the unemployment rate in July had dipped slightly from 9.5 percent to 9.4 percent as employers shed 247,000 jobs, far fewer than expected.Obama used the latest figures to tout his agenda and take an implied dig at the George W. Bush administration and Republicans. “We cannot turn back to the failed policies of the past,— Obama said. “As we begin to put an end to this recession, we have to consider what comes next.—Obama said that what’s next is an overhaul of the country’s health care system, energy legislation and “an historic commitment— to education.“We have a steep mountain to climb, and we started in a very deep valley,— Obama said.Obama credited the economic stimulus legislation passed earlier this year with helping people “weather— the recession and create jobs. Senate Majority Leader Mitch McConnell (R-Ky.) said the legislation had underperformed.“The trillion-dollar stimulus bill has so far been short on job creation and long on government debt,— McConnell said in a statement. “And while any sign of the recession slowing is welcome news, it would be a mistake to credit $1 trillion in new government debt rather than the resilience and productivity of the American worker.—