Economy Slightly Recovers
United States President Barack Obama on Friday said that the country’s “beat-up economy” has showed signs of hope, but warned that remnants of the current economic crisis has caused serve stress to the nation and will require more work to turn the slump around.
The recession, which first started in September last year, has been a major problem in the US.
US President Barack Obama on Friday said that the country’s “beat-up economy” has showed signs of hope, but warned that remnants of the current economic crisis has caused serve stress to the nation and will require more work to turn the slump around.
After an economic team meeting in the White House, Obama told the media that the country was starting to show “glimmers of hope” amid the current economic crisis, adding that the end may come in the next few months.
Obama, who was once criticized by other officials for his pessimistic talks about the economic condition of the US, is now pinpointing and highlighting the positive side of the issue.
The president’s economic team was composed of Top Economic Adviser Larry Summers, Treasury Secretary Timothy Geithner. Also present during the economic session was Federal Reserve Chairman Ben Bernanke.
Among those highlighted by Obama was the thawing credit market in the small medium enterprises (SME) who seeks loan from US various banks. Workers will also enjoy a particularly small tax cuts, and low interest rates in mortgage refinancing.
The president said that economic improvement, under the $787 billion stimulus program, will also be jumped start by infrastructure works and other government-back spending.
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