Wednesday night was President Obama's first State of Union Address. After greeting prominent politicians and other guests he said thank you and thank you very much more than 15 times. During his speech he started out talking about the economy crisis we are facing with the banks. He went on to talk about healthcare and of course the war we are facing. He expressed his feelings about the bank bailout.
"I hated it." President Obama said.
So far the money that was given to the banks have been recovered-most of it. In order to recover the rest of the money President Obama proposed a fee to the biggest banks.
"If firms can afford to hand out bonused then they can afford to help tax payers in their time of need."
President Obama bragged about the accomplishments made so far as a result of the Recovery Act, taxes have been cut 95% towards working families, small businesses, first time home buyers and 18 million Americans paying for college. He waited for the crowd to respond. "I thought I get some applause on that." he said and then the crowd clapped loudle. He added that due to the new Recovery Act two million jobs have been available including 200,000 constructin workers and 300,000 teachers.
President Obama said jobs in 2010 are his number one focus. $30 million has already been given to community banks to help small businesses stay afloat, tax incentative have been placed on all small and large businesses. He is pushing to slash tax breaks overseas instead of having it done to America. Obama said, he won't accept second place in the United States of America and it's time to get serious about the problem that is hampering our growth.
"We can't allow financial institutions to take risks that threatened the economy, We can't let them win."
To encourage American innovation Obama plans to come up with an investment that kills corner cells and 12,000 nationwide new powerplants. He stated that tough decisions will be made about gas developments and he plans to pass a comprehensive climate bill;as well as, doubling exports for the next 5 years that will support 2 million jobs in America.
"If America sit on the side lines we will lose!"
He went on by saying bank deficits will grow and premiums will go up. He said he didn't take on healthcare for good politics but believes that the longer it was debated the skeptical people became. Since a high school diploma no longer guarantees a job, a 10,000 tax credit has been given for 4 years of college and pell grants have been increased. Graduate students will only have to pay 10% of their student loan upon graduation. First Lady Michelle Obama is also creating a national movement to attack the epidemic of obesity. She has also joined forces with Vice President Joe Biden to help support military families.
In 2011 President Obama plans to freeze government spending for 3 years, but social security and medicaid will not be affected. He will cut programs that are unaffordable, put strict restrictions on lobbyists and he will embrace former Presidents Reagan and Kennedy's vision of nuclear systems to bring 44 nations together.
President Obama made many promises during last night speech.
"I will not walk away from Americans."
"I will not give up on trying to change the tone of our politics."
"I will address meeting with the House of Republicans."
"As President I promise I will end this war with Al quaida and all of the troops will come home.'
In reference to the change he promised he said,
"I never suggested it would be easy nor I could do it alone." Adding that he made promises not to win the election but to do what's best for the next generation.
"We don't quit, I don't quit, Let's sieze the moment!"