Economy to get worse before it improves: Obama

Washington: President-elect Barack Obama said Sunday the economy will get worse before it gets better, pledged a recovery plan "equal to the task" and warned lawmakers that the days of pork barrel spending are over.

Less than six weeks before his inauguration, Obama declined to say how large an economic stimulus plan he envisions. He said his blueprint for recovery will include help for homeowners facing foreclosure on their mortgages if President George W. Bush has not acted by Inauguration Day, January 20.

"We've got to provide a blood infusion to the patient right now to make sure that the patient is stabilized. And that means that we can't worry short term about the deficit. We've got to make sure that the economic stimulus plan is large enough to get the economy moving," he said.

Obama made his comments on NBC's "Meet the Press," in his most extensive interview since winning the White House more than a month ago, and later at a news conference in Chicago.

The president-elect said it is important that domestic carmakers survive the current crisis, although he accused the industry's executives of taking a "head in the sand approach" that has prevented their companies from becoming more competitive.

"Congress is doing the exact right thing by asking for a conditions-based assistance package that holds the industry's feet to the fire and gives the industry some short-term assistance," he said.

Do you think Obama's massive public works programme will be passed through Congress at great speed? Is he living up to the expectations of ‘change'? What would be the global impact?

I believe that the Obama administration will be able to resolve the issue to a considerable level within a few months, and the impact on the global economy will neutralise as expected. I think this is a good opportunity to stream line all processes and procedures to work towards better customer satisfaction and superior quality. It is the responsibility of all employees and employers to restructure and act on their own views, in an effective manner.
Janaka Gamage
Colombo,Sri Lanka
Posted: December 09, 2008, 09:17