President Obama Radio Address 08/01/09

[0:58] ..." a recovery act that puts tax cuts directly in the pockets of middle class families and small businesses. Extended unemployment insurance and health insurance for folks who lost their jobs. Provided relief to struggling states to prevent layoffs of teachers police officers. And made investments that are putting people back to work rebuilding and renovating roads bridges schools and hospitals. Now I realize that"...

[1:44] ..." American who wants. Confined. But history shows that you need to have economic growth before you have job -- And the report yesterday on our economy is an important -- headed in the right direction. Business"...

[3:27] ..." energy economy with the potential to unleash a wave of innovation and economic growth. While ending our dependence on foreign. And that means investing in research and development that will produce the technologies of the future. Which in turn will help create industries and jobs of the future. Innovation has been essential for prosperity in the past and it will be essential to our prosperity in the future. But it's only by building a new foundation that we will once again harness that incredible generating capacity of"...

[0:00]" Like talk with you about subject that I notes on everybody. And that's the state of war. Yesterday we received a report our gross domestic product. -- a measure of our overall economic performance. The report showed that in the first few months of this year. The recession we've faced when I took office was even deeper than anyone thought at the time. They told us how close we work to the edge. But it also revealed that in the last few months the economy has done measurably better than expected. And many economists suggest that part of this progress is directly attributable to the recovery act. This the other difficult but important steps we've taken over the last six months have helped put the brakes on this recession. We took unprecedented action to stem the spread of foreclosures by helping responsible homeowners stay in their homes and paper Morton's. We helped revive the credit markets opened up loans for families and small businesses. And we enacted a recovery act that puts tax cuts directly in the pockets of middle class families and small businesses. Extended unemployment insurance and health insurance for folks who lost their jobs. Provided relief to struggling states to prevent layoffs of teachers police officers. And made investments that are putting people back to work rebuilding and renovating roads bridges schools and hospitals. Now I realize that none of this is much comfort for Americans were still a lot of work or struggling to make ends meet. And when we receive our monthly job report next week it's likely to show that we are continuing to lose part too many jobs in this country. As far as I'm concerned we will not have a recovery as long as we keep losing jobs. I won't rest until every American who wants. Confined. But history shows that you need to have economic growth before you have job -- And the report yesterday on our economy is an important -- headed in the right direction. Business investment which have been plummeting in the past few months showing signs of stabilizing. This means that eventually businesses will start growing and higher. And that's when it won't really feel like recovery to the American people. This won't happen overnight. As I've said before it will take many more months to fully dig ourselves out of recession recession that we've now learned was even deeper than one -- But I'll continue to work every day and take every step necessary to make sure that happens. I also want to make sure that we don't return to an economy war world is based on inflated profits and -- separate corps because that doesn't create a lot of jobs. Even as we rescued this economy we must work to rebuild -- stronger than before. We've got to build new foundation strong enough to withstand future economic storms and support lasting prospers. Next week I'll be talking about it new foundation when I hit Elkhart county in India. A city hard hit not only by the economic crisis recent months but by the broader economic changes of recent decades. For communities like Elkhart to thrive we need to recapture the spirit of innovation that has always moved America for. That means once again having the best educated highest skilled workforce in the world. That means health care system that makes it possible for options and -- to innovate and businesses to compete without being saddled with skyrocketing insurance costs. That means leading the world in building a new clean energy economy with the potential to unleash a wave of innovation and economic growth. While ending our dependence on foreign. And that means investing in research and development that will produce the technologies of the future. Which in turn will help create industries and jobs of the future. Innovation has been essential for prosperity in the past and it will be essential to our prosperity in the future. But it's only by building a new foundation that we will once again harness that incredible generating capacity of the American people. Politics and policies to tap that potential. To ignite that spark of creativity and ingenuity which is always been at the heart of who we are and how we succeed. At a time what folks are experiencing real hardship. After years which we've seen so many fail to take responsibility for our collective future it's important to keep our eyes fixed on that us. Every day I hear from Americans were feeling firsthand the pain of this recession. These are folks who share their stories with -- and letters at town hall meetings folks who remain in my mind and on my agenda each and every day. I know that there are countless families businesses struggling to just hang on until this storm passes. But I also know that we do the things we know we must this storm will pass and will yield a brighter."