English subtitles for clip: File:20090124 WeeklyAddress.ogv

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We begin this year and this
Administration in the midst

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of an unprecedented crisis that
calls for unprecedented action.

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Just this week, we saw more
people file for unemployment

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than at any time in the
last twenty-six years,

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and experts agree that
if nothing is done,

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the unemployment rate
could reach double digits.

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Our economy could
fall $1 trillion short

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of its full capacity,
which translates into more

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than $12,000 in lost
income for a family of four.

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And we could lose a
generation of potential,

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as more young Americans are
forced to forgo college dreams

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or the chance to train for
the jobs of the future.

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In short, if we do not
act boldly and swiftly,

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a bad situation could
become dramatically worse.

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That is why I have proposed
an American Recovery

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and Reinvestment Plan

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to immediately jumpstart
job creation as well

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as long-term economic growth.

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I am pleased to say
that both parties

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in Congress are already
hard at work on this plan,

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and I hope to sign it into
law in less than a month.

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It's a plan that will
save or create three

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to four million jobs
over the next few years,

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and one that recognizes both
the paradox and the promise

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of this moment - the fact
that there are millions

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of Americans trying to find work
even as, all around the country,

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there's so much work to be done.

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That's why this is not
just a short-term program

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to boost employment.

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It's one that will invest in
our most important priorities

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like energy and education;
health care

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and a new infrastructure that
are necessary to keep us strong

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and competitive in
the 21st century.

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Today I'd like to talk specifically

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about the progress we expect
to make in each of these areas.

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To accelerate the creation
of a clean energy economy,

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we will double our capacity to
generate alternative sources

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of energy like wind,
solar, and biofuels

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over the next three years.

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We'll begin to build a new
electricity grid that lay

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down more than 3,000 miles
of transmission lines

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to convey this new energy
from coast to coast.

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We'll save taxpayers $2
billion a year by making 75%

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of federal buildings
more energy efficient,

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and save the average
working family $350

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on their energy bills by
weatherizing 2.5 million homes.

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To lower health care
cost, cut medical errors,

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and improve care,

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we'll computerize the nation's
health record in five years,

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saving billions of dollars

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in health care costs
and countless lives.

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And we'll protect
health insurance for more

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than 8 million Americans
who are in danger

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of losing their coverage
during this economic downturn.

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To ensure our children
can compete and succeed

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in this new economy,
we'll renovate

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and modernize 10,000 schools,

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building state-of-the-art
classrooms, libraries,

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and labs to improve learning
for over five million students.

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We'll invest more in Pell Grants
to make college affordable

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for seven million more students,

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provide a $2,500 college tax
credit to four million students,

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and triple the number of
fellowships in science

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to help spur the next
generation of innovation.

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Finally, we will rebuild
and retrofit America

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to meet the demands
of the 21st century.

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That means repairing and
modernizing thousands of miles

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of America's roadways

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and providing new
mass transit options

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for millions of Americans.

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It means protecting America
by securing 90 major ports

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and creating a better
communications network

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for local law enforcement
and public safety officials

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in the event of an emergency.

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And it means expanding broadband
access to millions of Americans,

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so business can compete
on a level-playing field,

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wherever they're located.

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I know that some are skeptical
about the size and scale

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of this recovery plan.

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I understand that skepticism,

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which is why this
recovery plan must

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and will include
unprecedented measures

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that will allow the
American people

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to hold my Administration
accountable for these results.

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We won't just throw
money at our problems -

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we'll invest in what works.

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Instead of politicians doling
out money behind a veil of secrecy,

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decisions about where we
invest will be made public,

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and informed by independent
experts whenever possible.

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We'll launch an unprecedented
effort to root out waste,

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inefficiency, and unnecessary
spending in our government,

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and every American
will be able to see

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how and where we spend taxpayer dollars

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by going to a new website
called recovery.gov.

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No one policy or program
will solve the challenges

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we face right now,

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nor will this crisis recede
in a short period of time.

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But if we act now
and act boldly;

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if we start rewarding hard work
and responsibility once more;

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if we act as citizens
and not partisans

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and begin again the work
of remaking America,

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then I have faith
that we will emerge

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from this trying
time even stronger

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and more prosperous
than we were before.

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Thanks for listening.