- He said "we import more oil today than ever before." That's untrue. Imports peaked in 2005 and are substantially lower today.
- He claimed his mortgage aid plan would help "responsible" buyers but not those who borrowed beyond their means. But even prominent defenders of the program including Fed Chairman Bernanke and FDIC chief Bair concede foolish borrowers will be aided, too.
- He said the high cost of health care "causes a bankruptcy in America every 30 seconds." That's at least double the true figure.He flubbed two facts about American history. The U.S. did not invent the automobile, and the transcontinental railroad was not completed until years after the Civil War, not during it.
Factcheck.org information aside, my biggest concern was the protectionist tendencies Obama expressed. I am thinking of when he mentioned more than once the importance of keeping jobs here (which is fine in moderation but not in excess) and even placing taxes upon businesses that send jobs overseas. If we are to continue to abide by the free market principles our country has stood for in the past, the last thing our economy needs right now is to adapt protectoinist policies. History shows that such policies are completely inefficient. What we need in terms of spurring economic growth is to expand trade, open up markets, and limit tariffs and subsidies. Keeping this mindset will be key for the Obama administration because when things are bad economically, it is quite tempting to slow trade and focus solely on job creation domestically when in all reality an equal combination of both is ideal.
Overall, the goal of the Obama team with this speech was to provide general information on the stimilus package that would satisify the public while letting his enthusiasism and optimism encourage us. If that interpretation of what Obama wanted to accomplish is accurate, then he succeeded. I am not an economist or an expert on financial disasters, however if I could make a recommendation to Mr. Obama it would be to encourage trade, invest in education, and and reward innovation. Just like Obama, I am optimistic about our future but in a pragmatic way. I believe the economy will improve, however that will require tangible steps to be taken by our government and by leaders within the private sector.
For his first address, it was everything I expected and pretty good..maybe next time he can get a couple more facts straight.
Source: factcheck.org