Click to play videoNew Delhi: US president-elect Barack Obama announced on Saturday his plan to create 2.5 million jobs in an attempt to lift his country's plunging economy.
Obama acknowledged in his recent address over the weekly Democrat radio that the US economy is indeed in tatters; however, the man who is set to take over the world's most difficult job says he has plans to turn the economy around.
Obama said “January 20 is our chance to begin anew, with a new direction, new ideas, and new reforms that will create jobs and fuel long term economic growth. I have already directed my economic team to come up with an economic recovery plan that will mean 2.5 million more jobs by January of 2011, a plan big enough to meet the challenges we face, that I intend to sign soon after taking office. With greater focus on public works, a revamped education system and alternative energy technology."
Obama aides have graded his plan as his most ambitious one ever but with housing, credit and finance in grave crisis and the job market hitting a 16 year low, Obama's plan would have to work a miracle to give life to the dying American dream.
Here’s a detailed transcript of US President-Elect Barack Obama’s speech:
"Good morning. The news this week has only reinforced the fact that we are facing an economic crisis of historic proportions. Financial markets faced more turmoil. New home purchases in October were the lowest in half a century. 540,000 more jobless claims were filed last week, the highest in 18 years. We now risk falling into a deflationary spiral that could increase our massive debt even further. While I'm pleased that congress passed a long overdue extension of unemployment benefits this week, we must do more to put people back to work and get our economy moving again. We've now lost 1.2 million jobs this year, and if we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year. There are no quick or easy fixes to this crisis, which has been many years in the making, and it's likely to get worse before it gets better. But January 20th is our chance to begin anew, with a new direction, new ideas, and new reforms that will create jobs and fuel long term economic growth. I have already directed my economic team to come up with an economic recovery plan, that will mean 2.5 million more jobs by January of 2011, a plan big enough to meet the challenges we face, that I intend to sign soon after taking office. We'll be working out the details in the weeks ahead but it will be a two year nationwide effort to jump start job creation in America and lay the foundation for a strong and growing economy. These aren't just steps to pull ourselves out of the immediate crisis. These are the long term investments in our economic future that have been ignored for far too long, and they represent an early down payment on the type of reform my administration w ill bring to Washington. A government that spends wisely focuses on what works and puts the public interest ahead of the same special interests that have come to dominate our politics. I know that passing this plan won't be easy. I will need and seek support from Republicans and Democrats, and I'll be welcome to ideas and suggestions from both sides of the aisle. But what is not negotiable is the need for immediate action. Right now there are millions of mothers and fathers who are lying awake at night wondering if next week's paycheck will cover next month's bills. There are Americans showing up at work in the morning only to have cleared out their desks by the afternoon. Retirees are watching their life savings disappear and students are seeing their college dreams deferred. These Americans need help. They need it now. The survival of the American dream for over two centuries is not only a testament to its enduring power, but to the great effort, sacrifice and courage of the American people. It has thrived because in our darkest hours we have risen above the smallness of our divisions to forge a path toward a new and brighter day. We have acted boldly, bravely, and above all, together. That is the chance our new beginning now offers us, and that is the challenge we must rise to in the days to come. It is time to act. As the next president of the United States, I will. Thank you."
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