Written by Administrator
President Barack Obama delivered his first State of the Union address Wednesday, Jan. 27, painting an optimistic portrait of America’s future.
“Despite our hardships, our union is strong,” Obama said. “We do not give up. We do not quit. We do not allow fear or division to break our spirit. In this new decade, it’s time the American people get a government that matches their decency; that embodies their strength.”
Obama said that perhaps the greatest of these hardships is the banks that help triggered the economic tailspin.
“Our most urgent task upon taking office was to shore up the same banks that helped cause this crisis,” Obama said. “And if there’s one thing that has unified the Democrats and Republicans, it’s that we all hated the bank bailout. I hated it. You hated it. It was about as popular as a root canal.”
In order to combat this hardship, Obama has proposed a fee on large banks despite opposition from Wall Street, opposition that Obama said was unfounded.
“If these firms can afford to hand out big bonuses again, they can afford a modest fee to pay back the taxpayers who rescued them in their time of need,” Obama said.
While he recognized that the feat of bringing the American economy out of the darkness would not be easy, Obama said that he did not believe it was impossible.
“I do not accept second place for the United States of America,” Obama said. “As hard as it may be, as uncomfortable and contentious as the debates may be, it’s time to get serious about fixing the problems that are hampering our growth.”
Obama said that America must start by ensuring consumers and middle-class families all resources available and necessary to make financial decisions, rather than solely relying on financial institutions for advice.
Other solutions Obama suggested were to encourage American innovation and export more goods. However, the most applauded suggestion to spur American growth was the charge to invest in education.
“In the 21st century, one of the best anti-poverty programs is a world-class education,” Obama said. “In this country, the success of our children cannot depend more on where they live than their potential.”
To help promote education, Obama suggested ending taxpayer subsidies for student loans and using that money to give families a $10,000 tax credit for up to four years of college, as well as increasing the Pell Grants.
“And let’s tell another one million students that when they graduate, they will be required to pay only 10 percent of their income on student loans, and all of their debt will be forgiven after 20 years— and forgiven in 10 years if they choose a career in public service,” Obama said. “Because in the United States of America, no one should go broke because they chose to go to college.”
Another key point of the speech was the much-debated health insurance proposal that Obama suggested this year, which caused controversy throughout the political sphere and the world of multimedia.
“Now let’s be clear,” Obama began. “I did not choose to tackle this issue to get some legislative victory under my belt. And by now it should be fairly obvious that I didn’t take on health care because it was good politics.”
Instead, Obama said he tackled it because of numerous testimonies by Americans struggling to find affordable coverage.
“I took on health care because of the stories I’ve heard from Americans with pre-existing conditions whose lives depend on getting coverage,” Obama said. “Patients who’ve been denied coverage; and families— even those with insurance—who are just one illness away from financial issue.”
Obama admitted that one of the main reasons for controversy was a lack of clarity from his administration.
“I take my share of the blame for not explaining it more clearly to the American people,” Obama said. “And I know that with all the lobbying and horse-trading, this process left most Americans wondering what’s in it for them.”
While much of the opposition surrounded potential financial ramifications, Obama assured those in attendance that health care reform would only aid the economic situation.
“Our approach would preserve the right of Americans who have insurance to keep their doctor and their plan. It would reduce costs and premiums for millions of families and businesses,” Obama said. “And according to the Congressional Budget Office … our approach would bring down the deficit by as much as $1 trillion over the next two decades.”
For a full transcript and other issues addressed by Obama, visit CNN.com
