Remarks by President Obama on July Unemployment and the Recovery Act in the Rose Garden

The President responds to the unemployment figures released by the Bureau of Labor Statistics. These numbers are a promising indication that we are on the road to recovery, as the unemployment rate decreased in July. August 7, 2009.

The President says a few words about the state of the economy. He opened with discussion of America’s Gross Domestic Product and said it showed marked improvement over the last few months. He added, “This morning, we received additional signs that the worst may be behind us. Though we lost 247,000 jobs in July, that was nearly 200,000 fewer jobs lost than in June, and far fewer than the nearly 700,000 jobs a month that we were losing at the beginning of the year.”

The President also said there is a lot of misinformation about the Recovery Act and explained that the Act is divided into three parts. One-third of the money is for tax relief going directly to families and small businesses. Another third of the money in the Recovery Act is for emergency relief that is helping people who have borne the brunt of the recession. Two thirds of the Recovery Act have helped people weather the worst phase of the recession. The last third is dedicated to the vital investments that are putting people back to work today to create a stronger economy tomorrow. He added that the jobs rebuilding America, upgrading roads and bridges, and renovating schools and hospitals.

President Obama added that the nation can’t afford to return to an economy based on inflated profits and maxed out credit cards; an economy where we depend on dirty and outdated sources of energy; an economy where we’re burdened by soaring health care costs that serve only the special interests. He said that it will not create sustainable growth, it won’t shrink our deficit, and it won’t create jobs. Instead, now is the time to build a new foundation for a stronger, more productive economy that creates the jobs of the future.

The President concluded his Rose Garden address with a bit of optimism, “ I am convinced that we can see a light at the end of tunnel, but now we’re going to have to move forward with confidence and conviction to reach the promise of a new day.”