WASHINGTON — President Barack Obama proclaimed signs of economic progress today but also warned Americans eager for good news that "by no
means are we out of the woods."
In a speech at Georgetown University, Obama aimed to juggle his glass-half-full take on the economy with a determination to not be stamped as naive or overly rosy in the face of stubborn problems that linger.
His latest remarks come as he nears the symbolic 100-day mark in office, important because that has become a traditional marker by which to judge
new administrations.
"There is no doubt that times are still tough," Obama said, according to excerpts of his speech released in advance by the White House. "But from
where we stand," he said, "for the very first time, we are beginning to see glimmers of hope. And beyond that, way off in the distance, we can see a vision of an America's future that is far different than our troubled economic past."
Obama's message was enveloped in contradictory signals today about the economy's health, but also buttressed by a contention by Federal Reserve
Chairman Ben Bernanke that the recession may be bottoming out.
Retail sales fell unexpectedly in March, decreasing by 1.1 percent. At the same time, wholesale prices dropped sharply as the cost of gasoline
and other energy plummeted, fresh evidence that inflation appears to pose little threat to the economy.
In a speech prepared for students and faculty at Morehouse College in Atlanta, Bernanke, like Obama, said there have been flickering signs of
improvement, citing recent data on home and auto sales, home building and consumer spending.
But the broader message that a full turnaround might be a long time coming may not be welcome to a weary U.S. public.
Obama said a complete recovery depends on two things: building a new foundation for the U.S. economy and making changes in the political landscape. And he was avoiding any significant policy announcements, endeavoring instead to paint a broad picture of what his administration
has already done to right the situation.
Obama said the rules governing the financial system must be brought into the Digital Age and that the economy must be transformed from one less
dependent on a risk-obsessed financial sector and more on clean energy, good education and health care costs brought under control.
"We cannot rebuild this economy on the same pile of sand," he said, invoking a Biblical reference to Jesus' Sermon on the Mount. "We must
build our house upon a rock. We must lay a new foundation for growth and prosperity a foundation that will move us from an era of borrow and
spend to one where we save and invest, where we consume less at home and send more exports abroad."
Obama also said the problem is exacerbated by politicians with an outsized interest in scoring points and an impatient media.
"When a crisis hits," he said, "there's all too often a lurch from shock to trance, with everyone responding to the tempest of the moment until the furor has died away and the media coverage has moved on, instead of confronting the major challenges that will shape our future in a
sustained and focused way."
"This can't be one of those times," Obama said.
With the university students and faculty as well as labor, grass roots and political leaders, Obama is trying to show he is focused on the economy after two weeks that, both by design and circumstance, have been dominated primarily by foreign affairs.
Obama put his fledgling presidency on the line when he advocated sweeping new government intervention and spending to right the troubled economic conditions. Shortly after taking office he signed a $787 billion package intended to boost the economy and his administration also has unveiled a slew of other programs aimed to right the troubled home, banking and
auto sectors.
"Taken together, these actions are starting to generate signs of economic progress," he said, citing canceled government-sector layoffs, new
clean-energy industry hires, a spate of refinancings, and signs of increased credit flows.
But, the president said, "2009 will continue to be a difficult year." He predicted more job losses, foreclosures, and gyrating stock markets.
Local & Bistate
NEW: Obama tempers optimism with reality on economy
- Local & Bistate
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Rockville correctional facility program teaches life skills
It’s hard to know who benefits the most: the inmates or the dogs.
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AAA mag recognizes city for arts works
The nonprofit organization that uses outdoor sculpture to draw attention to Terre Haute is getting some notice of its own.
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State pushing for convenience stores to make safety a higher priority
In 2002, after New Mexico forced convenience store owners to put sweeping security measures into place for clerks working late-night hours, the number of robberies dropped by 92 percent. Assaults, murders and other crimes at convenience stores also dropped dramatically.
Now Indiana officials are hoping voluntary compliance with similar safety standards will bring about similar results.
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Patriotism & Honor
From his vantage point, Sonner Faught could see almost every volunteer in the cemetery.
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Graduation turns to mourning in Clinton
Jeana Lunsford’s graduation from South Vermillion High School Saturday should have been a time of celebration.
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School choice proponents foresee growth of vouchers
Twenty-seven Vigo County students benefited from tax-supported vouchers during the first year of the Choice Scholarship Program, and that number is expected to grow for 2012-13, say Indiana school choice leaders who visited Terre Haute Thursday.
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Tales of obstruction meet first takeover attempts
A decade after Indiana legislators gave the state the power to take over chronically failing schools, the first implementation of the law is meeting with resistance, skepticism and questions about its costs.
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MIKE LUNSFORD: Raising a flag for my father, veteran or not
My daughter, Ellen, and I stood at my parents’ graves on Mother’s Day a few weeks back and talked about how it couldn’t possibly have been so long since we lost them. My dad, for instance, has been gone for 16 years, and that is nearly unimaginable
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3 rescued from burning residence
Quick action on the part of some first-responders is credited with saving the lives of three people in a Vermillion County fire early Saturday morning, according to the Vermillion County Sheriff’s Department.
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He never forgot a name: Friends remember victim of fire at Garfield Towers
When Freddie Poore met you, he never forgot you.
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Hometown boy embraces ‘Promise I Made’: Clinton native Ken Kercheval takes role in Dreams Come True production
Thanks to some help from a hometown boy in Hollywood, “This Promise I Made” is still on track to be kept in Clinton.
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STATE OF THE STATEHOUSE: Many say they don’t vote in primary because of tag that comes with it
A couple of columns ago, I posed a question about why most Indiana polling places on primary election day had so few customers.
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Police looking for convenience store robber
Police are seeking a robbery suspect following a Saturday morning armed robbery at the Jiffy MiniMart at 25th Street and Eighth Avenue.
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Graduation ‘responsibility’: Rose-Hulman stages 134th commencement exercises
Inventor Dean Kamen gave a first-hand demonstration Saturday of how to be an innovator.
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THE OFF SEASON: To the seniors, one last lecture before you go …
It dawned on me one day last week, as I sat at my desk in my teacher clothes and shoes, a stack of ungraded essays calling to me from a rather tall and depressing pile, that I hadn’t missed a high school graduation in 33 years.
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Water rescuers
Emergency personnel wheel a man who was removed from a vehicle that had been driven into the water at Crystal Lake on Boston Avenue near 14th Street at about 9 p.m. Friday.
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For many, camping outdoors is the way to beat the heat, enjoy nature
Stringing up fishing poles in the shade of American flags, households full of Hoosiers are packing into parks across the state this weekend.
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Towns along National Road readying for next week’s miles-long yard sale
Stretching 824 miles from Baltimore to St. Louis, the National Road — known as U.S. 40 through Indiana — will soon be the host site for perhaps the longest bargain market in the country.
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Rose grads honoring late president Branam at commencement today
Rose-Hulman Institute of Technology’s Class of 2012 will honor the memory of Matt Branam during today’s commencement ceremony by wearing special pins with the phrase “Make It Happen; Make It Fun,” a favorite saying of the former Rose-Hulman president, who died unexpectedly on April 20.
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Vigo County Jail Log: May 26, 2012
The following individuals were booked into the Vigo County Jail by area law enforcement on Thursday and Friday, based on jail records. Charges are recommended by arresting officers but are not final until the Vigo County prosecutor reviews the case and files official charges.
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A fallen soldier returns home
An Army carry team moves a transfer case containing the remains of Spc. Arronn D. Fields early Thursday morning at Dover Air Force Base, Del.
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Official touts trade with northern neighbor
A top Canadian diplomat told a Terre Haute audience Thursday his country was “disappointed” when President Obama at least temporarily rejected a proposed transcontinental oil pipeline from Alberta to Texas.
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Caution urged for summer’s kickoff
Lane restrictions in construction zones on Interstate 70 and other highways around the state will be lifted to accommodate holiday travel for the Memorial Day Weekend.
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Letters delivered
Several positions will be eliminated this summer at the Terre Haute mail processing facility as the U.S. Postal Service begins moving the operation to Indianapolis, a U.S. Postal Service spokesman has confirmed.
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Companies seek Vigo tax abatements
Two Vigo County companies are seeking tax abatements for expansion projects, one of which is included as part of a county incentive package.
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High-speed chase suspect caught in West Virginia
The suspect in a cross-country, high-speed chase originating in Terre Haute last week was reportedly in federal custody Thursday evening.
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Second victim of deadly I-70 semi-trailer crash identified
The Vigo County Coroner’s Office has identified the passenger of a semi-tractor crash on May 16 in the eastbound lanes of Interstate 70 near the 12-mile marker.
- VIGO COUNTY JAIL LOG: May 22-24, 2012
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Burn ban in effect for Vigo County through holiday weekend
Vigo County officials have issued a burn ban effective Thursday and remains in effect until 8 a.m. Tuesday.
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Brazil remembers a Fallen Son
A small town seemed sadly quiet Wednesday, waiting to honor a local fallen warrior.
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