President Barack Obama called the U.S. economy “badly weakened” during his inaugural speech Tuesday in Washington.
Obama said the economic recession was “a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age.”
“Homes have been lost; jobs shed; businesses shuttered,” Obama said to more than 1 million people in attendance in the nation’s capital.
The president, though, said U.S. workers are no less productive or inventive than they were before the recession and said rebuilding the economy will take “bold and swift” action.
“We will act — not only to create new jobs, but to lay a new foundation for growth,” he said. “We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together.”
“There weren’t any straightforward promises that were concrete,” said Richard Clinch, a University of Baltimore economist. “He mentioned need for entrepreneurship and making sure the gains were evenly distributed.”
Clinch also said Obama made a point to mention the need for more regulation in business.
“We got into this mess because of a lack of oversight and policy,” Clinch said.
– Andrew Cannarsa
