English subtitles for clip: File:2010-01-30 President Obama's Weekly Address.ogv
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1 00:00:08,994 --> 00:00:12,094 The President: At this time last year, amidst headlines about banks on the 2 00:00:12,094 --> 00:00:16,461 verge of collapse and job losses of 700,000 a month, 3 00:00:16,461 --> 00:00:19,761 we received another troubling piece of news about our economy. 4 00:00:19,761 --> 00:00:22,561 Our economy was shrinking at an alarming rate -- 5 00:00:22,561 --> 00:00:25,494 the largest six-month decline in 50 years. 6 00:00:25,494 --> 00:00:28,161 Our factories and farms were producing less; 7 00:00:28,161 --> 00:00:30,061 our businesses were selling less; 8 00:00:30,061 --> 00:00:32,961 and more job losses were on the horizon. 9 00:00:32,961 --> 00:00:36,894 One year later, according to numbers released this past week, 10 00:00:36,895 --> 00:00:39,294 this trend has reversed itself. 11 00:00:39,294 --> 00:00:42,961 For the past six months, our economy has been growing again. 12 00:00:42,961 --> 00:00:46,428 And last quarter, it grew more quickly than at any time in the 13 00:00:46,428 --> 00:00:48,561 past six years. 14 00:00:48,561 --> 00:00:50,394 This is a sign of progress. 15 00:00:50,394 --> 00:00:52,961 And it's an affirmation of the difficult decisions we made last 16 00:00:52,961 --> 00:00:56,728 year to pull our financial system back from the brink and 17 00:00:56,728 --> 00:00:58,861 get our economy moving again. 18 00:00:58,861 --> 00:01:01,528 But when so many people are still struggling -- 19 00:01:01,528 --> 00:01:04,961 when one in ten Americans still can't find work, 20 00:01:04,961 --> 00:01:08,361 and millions more are working harder and longer for less -- 21 00:01:08,361 --> 00:01:11,127 our mission isn't just to grow the economy. 22 00:01:11,127 --> 00:01:13,628 It's to grow jobs for folks who want them, 23 00:01:13,628 --> 00:01:17,394 and ensure wages that are rising for those who have them. 24 00:01:17,394 --> 00:01:20,528 It's not just about improvements we see in quarterly statistics, 25 00:01:20,528 --> 00:01:23,561 but ones people feel in their daily lives -- 26 00:01:23,561 --> 00:01:26,127 a bigger paycheck; more security; 27 00:01:26,127 --> 00:01:29,628 the ability to give your kids a decent shot in life and still 28 00:01:29,628 --> 00:01:32,261 have enough to retire on one day. 29 00:01:32,261 --> 00:01:36,994 That's why job creation will be our number one focus in 2010. 30 00:01:36,994 --> 00:01:39,361 We'll put more Americans back to work rebuilding our 31 00:01:39,361 --> 00:01:41,961 infrastructure all across the country. 32 00:01:41,961 --> 00:01:44,527 And since the true engines of job creation are America's 33 00:01:44,528 --> 00:01:48,294 businesses, I've proposed tax credits to help them hire new 34 00:01:48,294 --> 00:01:53,227 workers, raise wages, and invest in new plants and equipment. 35 00:01:53,227 --> 00:01:55,861 I also want to eliminate all capital gains taxes on small 36 00:01:55,861 --> 00:01:59,461 business investment, and help small businesses to get the 37 00:01:59,461 --> 00:02:04,761 loans they need to open their doors and expand their operations. 38 00:02:04,761 --> 00:02:08,360 But as we work to create jobs, it is critical that we rein in 39 00:02:08,360 --> 00:02:12,227 the budget deficits we've been accumulating for far too long -- 40 00:02:12,227 --> 00:02:15,161 deficits that won't just burden our children and grandchildren, 41 00:02:15,161 --> 00:02:18,528 but could damage our markets, drive up our interest rates, 42 00:02:18,528 --> 00:02:21,861 and jeopardize our recovery right now. 43 00:02:21,861 --> 00:02:23,828 There are certain core principles our families and 44 00:02:23,828 --> 00:02:27,061 businesses follow when they sit down to do their own budgets. 45 00:02:27,061 --> 00:02:29,861 They accept that they can't get everything they want and they 46 00:02:29,861 --> 00:02:31,994 focus on what they really need. 47 00:02:31,994 --> 00:02:35,361 They make tough decisions and sacrifice for their kids. 48 00:02:35,361 --> 00:02:37,328 They don't spend what they don't have, 49 00:02:37,328 --> 00:02:39,861 and they make do with what they've got. 50 00:02:39,861 --> 00:02:42,428 It's time their government did the same. 51 00:02:42,428 --> 00:02:44,895 That's why I'm pleased that the Senate has just restored the 52 00:02:44,895 --> 00:02:48,828 pay-as-you-go law that was in place back in the 1990s. 53 00:02:48,828 --> 00:02:51,161 It's no coincidence that we ended that decade with a 54 00:02:51,161 --> 00:02:54,561 $236 billion surplus. 55 00:02:54,561 --> 00:02:56,861 But then we did away with PAYGO -- 56 00:02:56,861 --> 00:03:01,293 and we ended the next decade with a $1.3 trillion deficit. 57 00:03:01,294 --> 00:03:04,561 Reinstating this law will help us get back on track, 58 00:03:04,561 --> 00:03:06,628 ensuring that every time we spend, 59 00:03:06,628 --> 00:03:09,293 we find somewhere else to cut. 60 00:03:09,294 --> 00:03:11,227 I've also proposed a spending freeze, 61 00:03:11,227 --> 00:03:13,795 so that as we increase investments in things we need, 62 00:03:13,795 --> 00:03:16,327 like job creation and middle class tax cuts -- 63 00:03:16,328 --> 00:03:18,561 we cut spending on those we don't, 64 00:03:18,561 --> 00:03:22,661 like tax cuts for oil companies and investment fund managers, 65 00:03:22,661 --> 00:03:27,394 and programs that are redundant, obsolete, or simply ineffective. 66 00:03:27,394 --> 00:03:29,628 Spending related to Medicare, Medicaid, 67 00:03:29,628 --> 00:03:32,094 and Social Security will not be affected -- 68 00:03:32,094 --> 00:03:34,161 and neither will national security -- 69 00:03:34,161 --> 00:03:38,127 but all other discretionary government programs will. 70 00:03:38,127 --> 00:03:41,928 Finally, I've called for a bi-partisan Fiscal Commission -- 71 00:03:41,928 --> 00:03:45,261 a panel of Democrats and Republicans who would sit down 72 00:03:45,261 --> 00:03:48,494 and hammer out concrete deficit-reduction proposals by a 73 00:03:48,494 --> 00:03:50,127 certain deadline. 74 00:03:50,127 --> 00:03:52,628 Because we've heard plenty of talk and a lot of yelling on TV 75 00:03:52,628 --> 00:03:55,761 about deficits, and it's now time to come together and make 76 00:03:55,761 --> 00:04:00,061 the painful choices we need to eliminate those deficits. 77 00:04:00,061 --> 00:04:03,895 This past week, 53 Democrats and Republicans voted for this 78 00:04:03,895 --> 00:04:05,728 commission in the Senate. 79 00:04:05,728 --> 00:04:08,994 But it failed when seven Republicans who had co-sponsored 80 00:04:08,994 --> 00:04:13,294 this idea in the first place suddenly decided to vote against it. 81 00:04:13,294 --> 00:04:15,428 Now, it's one thing to have an honest difference of opinion 82 00:04:15,428 --> 00:04:16,761 about something. 83 00:04:16,761 --> 00:04:19,528 I will always respect those who take a principled stand for what 84 00:04:19,528 --> 00:04:22,294 they believe, even if I disagree with them. 85 00:04:22,294 --> 00:04:25,828 But what I won't accept is changing positions because it's 86 00:04:25,828 --> 00:04:27,460 good politics. 87 00:04:27,461 --> 00:04:30,695 What I won't accept is opposition for opposition's sake. 88 00:04:30,695 --> 00:04:33,127 We can't have a serious discussion and take meaningful 89 00:04:33,127 --> 00:04:36,528 action to create jobs and control our deficit if 90 00:04:36,528 --> 00:04:38,994 politicians just do what's necessary to win the next 91 00:04:38,994 --> 00:04:43,528 election instead of what's best for the next generation. 92 00:04:43,528 --> 00:04:47,161 I'm eager and ready to work with anyone who's serious about 93 00:04:47,161 --> 00:04:50,594 solving the real problems facing our people and our country. 94 00:04:50,594 --> 00:04:53,928 I welcome anyone who comes to the table in good faith to help 95 00:04:53,928 --> 00:04:57,861 get our economy moving again and fulfill this country's promise. 96 00:04:57,861 --> 00:05:00,328 That's why we were elected in the first place. 97 00:05:00,328 --> 00:05:03,494 That's what the American people expect and deserve. 98 00:05:03,494 --> 00:05:05,928 And that's what we must deliver. 99 00:05:05,928 --> 00:05:06,928 Thanks so much.