Around 1,400 residents of Racine, Wisconsin listened to US President Barack Obama’s insights on the continuing economic crisis. In a speech reminiscent of his campaign, the president recognized that the federal deficit is a primary concern.

At the same time, he also criticized the recent actions of the Republicans, saying that they are stopping the country’s recovery by blocking what he termed as “commonsense legislation”.

This speech came after a fall in the stock markets was noted, mainly attributed to a drop in consumer confidence.

President Obama stated that he is discontented with the elevated unemployment rate in the country. Economists have estimated that the country has lost approximately 100,000 jobs in the month of June, and that the unemployment rate, which is at 9.7 percent, will further increase. The president also said that he is unhappy with the low economic growth rate.

The federal deficit, which is still growing, remains a major issue for the president. He already appointed a deficit commission, who will be in charge of looking for solutions to balance the country’s revenues and expenses. This can be done by reforming Social Security and Medicare, among other items.

President Obama likewise condemned his Republican opponents, calling their actions in Congress obstructive. This is mainly due to the group preventing the passage of a bill that aims to extend tax credits and unemployment benefits to certain residents and small businesses. Other issues that came up were the low rates of job growth and the oil leak in the Gulf.

In response to the criticism by GOP that the Democrats are merely increasing the burden on the American taxpayers, President Obama stated that the US government cannot solve the country’s financial problems on its own. Some circumstances, such as Social Security, do need intervention by the government. However, businesses should continue to be the major producers of jobs and growth for the country.

The president just came from a trip to Columbus, Ohio last week for the groundbreaking of a road project funded by the economic stimulus plan. This serves as part of the “Recover Summer” program by the White House, which is a six-week long thrust by the government to focus on the American Recovery and Reinvestment Act of 2009. This act was designed to improve the country’s economy and create more jobs by increasing stimulus spending by the government and reducing taxes. Many detractors have repeatedly criticized this act, saying it has failed to decrease unemployment significantly.

Prior to this trip, the president’s last visit to Wisconsin was in November of last year, when he discussed education to the state. According to the latest public poll in the state, which was held in March, President Obama only had a 44 percent approval rating. Of the voters in Wisconsin, 50 percent disapproved of the way he was handling his presidential duties.




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