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Obama Warns of Economic Disaster Without Stimulus Plan

Once President-elect Obama takes office in just twelve short days his number one priority will likely be the economy. Americans have been battered by depressing economic news for months, prompting Obama to make America's financial future the theme of his pre-presidential press conferences.

In a speech at George Mason University Thursday, Obama said, “I don’t believe it’s too late to change course, but it will be if we don’t take dramatic action as soon as possible. If nothing is done, this recession could linger for years. The unemployment rate could reach double digits.”

Those words may have seemed alarmist if it weren't for recent projections released from the Labor Department which estimate that the unemployment rate will rise for 7 percent to 9 percent by the end of the year.

Those gloomy projections are the reason Obama used the bulk of his speech to urge Congress to quickly pass the proposed $800 billion stimulus package now before it.

"We could lose a generation of potential and promise, as more young Americans are
forced to forgo dreams of college or the chance to train for the jobs of the
future,” Obama said. “And our nation could lose the competitive edge that
has served as a foundation for our strength and standing in the world. In short,
a bad situation could become dramatically worse.”



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