Good morning. I want to briefly share some news about our economy, and talk about the work that we’re doing both to protect American consumers, and to put our economy back on a path to growth and prosperity.
This week, we saw some signs that the gears of America’s economic engine are slowly beginning to turn. Consumer spending and home sales are stabilizing. Unemployment claims are dropping and job losses are beginning to slow. But these trends are far from satisfactory. The unemployment rate is at its highest point in twenty-five years. We are still in the midst of a deep recession that was years in the making, and it will take time to fully turn this economy around.
We cannot rest until our work is done. Not when Americans continue to lose their jobs and struggle to pay their bills. Not when we are wrestling with record deficits and an over-burdened middle class. That is why every action that my Administration is taking is focused on clearing away the wreckage of this recession, and building a new foundation for job-creation and long-term growth.
This past week, we acted on several fronts. To restart the flow of credit that businesses and individuals depend upon, we completed an unprecedented review of the condition of our nation’s largest banks to determine what additional steps are necessary to get our economy moving. To restore fiscal discipline, we identified 121 programs to eliminate from our budget. And to restore a sense of fairness to our tax code and common sense to our economy, I have asked Congress to work with me in closing the loopholes that let companies ship jobs and stash profits overseas — reforms will help save $210 billion over the next ten years.
These important steps are just one part of a broad effort to get government, businesses and banks to act more responsibly, so that we are creating good jobs and making sound investments instead of spending recklessly and padding false profits. Because American institutions must act with the same sense of responsibility and fairness that the American people aspire to in their own lives.
Nowhere is this more apparent than in our credit card industry. Americans know that they have a responsibility to live within their means and pay what they owe. But they also have a right to not get ripped off by the sudden rate hikes, unfair penalties, and hidden fees that have become all-too common in our credit card industry. You shouldn’t have to fear that any new credit card is going to come with strings attached, nor should you need a magnifying glass and a reference book to read a credit card application. And the abuses in our credit card industry have only multiplied in the midst of this recession, when Americans can least afford to bear an extra burden.
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