Obama Announces His Economic Plans to the Public

Summary: President Barack Obama on Saturday announced his economic plans over the airwaves, highlighting his goal of improving the education sector, providing health assistance to millions of people, and lowering the cost of public services such as electricity.

These improvements will be the focused of the $825 billion-worth of stimulus bill.

President Barack Obama on Sunday announced his economic stimulus bill over the airwave, highlighting his goals of improving the education sector, health assistance to poor people, and low cost of electricity.

The radio and Internet announcement is in connection with the proposed stimulus plan which cost $825 billion as the president is still considering another second stimulus bill to boost economic activity in the country.

According to earlier reports, the president’s aides did not approve the second economic stimulus package.

In his five-minute address, Obama warned lawmakers that “swift and bold” decisions should be made as there is an urgent need for a solution to avoid “situation becoming worse”.

As soon as Obama stepped inside the White House, he faced looming economic problems including low unemployment rate, low consumer confidence, weakening dollar, and high risk of foreclose for homeowners.

According to a recent data, more than 2.6 million Americans lost their jobs last year, the worst unemployment rate since the period of Great Depression. In addition to this, economists warned unemployment could reach nearly 10 percent before the end of recession.

Another gloomy forecast also revealed that one out of ten homeowners is at risk of foreclosure.