The speech began with a recap on how the U.S. got into our present economic mess in the first place and was quick to remind Americans that the situation existed before he took office. Then he explained what his administration had done so far in terms of damage control (the Recovery Act, the bank capitalization program, the housing plan, the strengthening of the non-bank credit market, the auto plan, and the G20 Summit). Finally, in what was basically a rehash of his campaign platform with a promise to clean up Wall Street thrown in, Obama explained how he was going to pull the U.S. out of the recession and set the nation back on the path to prosperity:
It's a foundation built upon five pillars that will grow our economy and make this new century another American century: new rules for Wall Street that will reward drive and innovation; new investments in education that will make our workforce more skilled and competitive; new investments in renewable energy and technology that will create new jobs and industries; new investments in health care that will cut costs for families and businesses; and new savings in our federal budget that will bring down the debt for future generations. That is the new foundation we must build. That must be our future – and my Administration's policies are designed to achieve that future.
Response to the speech is still forming. In my opinion, Obama didn't have a lot of new things to say, but rather reiterated that America just needs to "hang in there!"
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