Obama Stresses on Early Economic Recovery as India, China Grow Fast

With China and India going ahead with economic revamp, US President Barack Obama has said that the country will not accept ‘second place’ and should get serious about fixing its problems as the worst of the financial crisis is over, reported PTI.

“Washington has been telling us to wait for decades, even as the problems have grown worse. Meanwhile, China’s not waiting to revamp its economy. Germany’s not waiting. India’s not waiting,” Obama  was quoted as saying during his first State of the Union address to the Congress.

“These nations aren’t standing still. These nations aren’t playing for second place. They’re putting more emphasis on maths and science. They’re rebuilding their infrastructure. They are making serious investments in clean energy because they want those jobs,” Obama said in his 69-minute-long prime-time speech.

Obama clearly said that he would not accept second for the US, the only superpower, in the world.

“Well, I do not accept second-place for the United States of America. 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,” he was quoted as saying.

Obama’s first address to State of the Union came against a backdrop of an American public worried about the outcome of the recession.

The president said the ‘worst of the storm has passed. But the devastation remains’.

He noted that many businesses have shuttered and small towns and rural communities have been hit especially hard with one in 10 Americans still unable to find work, said report.

Obama said that the recession has also compounded the burdens of American families, report said.

“So, I know the anxieties that are out there right now. They’re not new,” he was quoted as saying, adding, “Some are frustrated; some are angry.”

For tiding over the crisis, Obama put forward a $30 billion plan under which the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat, report said.

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