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    Obama Says Recovery Act Working, Offers Evidence

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    UpTake Video

    by UpTake Video

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    Today, I’d like to talk with you about a subject that I know is on everyone’s mind, and that’s the state of our economy. Yesterday, we received a report on our Gross Domestic Product. That’s a measure of our overall economic performance. The report showed that in the first few months of this year, the recession we faced when I took office was even deeper than anyone thought at the time. It told us how close we were 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 and the other difficult but important steps that we have 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 pay their mortgages. We helped revive the credit markets and open up loans for families and small businesses. And we enacted a Recovery Act that put tax cuts directly into the pockets of middle-class families and small businesses; extended unemployment insurance and health insurance for folks who have lost jobs; provided relief to struggling states to prevent layoffs of teachers and 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 who are still out of work or struggling to make ends meet. And when we receive our monthly job report next week, it is likely to show that we are continuing to lose far 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. And I won’t rest until every American who wants a job can find one. But history shows that you need to have economic growth before you have job growth. And the report yesterday on our economy is an important sign that we’re headed in the right ...