Barack Obama has portrayed a rosy image of the US economy in 2010, challenging odds related to the massive bank bailouts and more than ten percent unemployment.
“We had to salvage a financial system that could have made things much worse. We had to take the steps that we did at the beginning of the year, in order to stabilize the economy,” Obama said in an interview with ABC News on Wednesday, Reuters reported.
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“And I am actually glad to see that the economy’s now growing again, and we have the prospect of a much better economy in 2010,” he claimed. “But that doesn’t negate the anger and the frustration that people are feeling.”
Obama said knocking out the double-digit unemployment and fostering growth will remain his top priorities for 2010.
Frustrations about bank bailouts have prompted the US president to propose a plan to limit the size and scope of the financial institutions, a senior administration official told the AFP on Thursday.
“(On Thursday) the president will announce a series of measures that address size and scope of the institutions,” the official said.
The Democratic Administration led by Obama acknowledges that loosing the Massachusetts Democratic Senate seat on Tuesday has its roots in a public concern over the economy.
Scott Brown, a Republican, scored a huge victory in the Massachusetts special election to fill the US Senate seat left vacant by Edward Kennedy’s death, ending 50 years of the Democratic rule in the liberal state.
Agencies
