President-Elect Obama: We need to think pratically about moving ahead with the economy

President-Elect Obama held a press conference, addressing the failing economy and his plans once in the White House on Jan. 20th. “Immediately after I become President, I will confront this economic crisis head-on by taking all necessary steps to ease the credit crisis, help hardworking families, and restore growth and prosperity,” Obama said.

Obama said that one of the first things his administration needs to do will be to implement a rescue plan for the middle class that invests in immediate efforts to create jobs and provides relief to families that are watching their paychecks shrink. “A urgent priority is a further extension of unemployment insurance benefits for workers who cannot find work in the increasingly weak economy,” Obama stated.

The second thing the President-Elect said needs to be done is to address the spreading impact of the financial crisis on other sectors of the economy; Small businesses that are struggling and state and municipal governments facing devastating budget cuts and tax increases, “We must also remember that the financial crisis is increasingly global and requires a global response,” Obama said.

The last thing the new administration will need to do is to review the implementation of the previous administration’s financial program to ensure that our government’s efforts are achieving their central goal of stabilizing financial markets while protecting taxpayers. “It is critical that the Treasury Department work closely with the FDIC, Housing and Urban Development and other government agencies to use the substantial authority they already have to help families avoid foreclosures and stay in their homes,” President Elect stated.