Obama: Entrepreneurs Key to Turnaround

In his speech to the country yesterday evening, President Barack Obama said the united states would pull through this economic depression, and that entrepreneurs is a major element in a turnaround.

"The answers to your problems don’t lie beyond our reach," he said. "They exist inside our laboratories and our universities, inside our fields and our factories, in the imaginations of our entrepreneurs and the pride of the hardest-working people on the planet." Obama touted his economic stimulus plan in an effort to get credit flowing to those very companies that may jump-start the economy. " … We are creating a fresh lending fund that represents the biggest effort ever to greatly help provide automobile financing, college loans, and small-business loans to the consumers and entrepreneurs who keep this economy running."

The president argued that the government has, throughout history, taken a central role priming the pump of industrial and entrepreneurial growth. Government didn’t supplant private enterprise," he said, "it catalyzed private enterprise. It created the conditions for a large number of entrepreneurs and new businesses to adapt also to thrive."

He said one way to avoid it of the low-acheiving economy is to encourage green technology as a business: " … We must ultimately make clean, renewable energy the profitable sort of energy."

Lloyd Chapman, president of the American SMALL COMPANY League, wasn’t impressed with the speech. He echoed his ongoing concerns about the direction of the U.S. SMALL COMPANY Administration and criticized the president for not targeting more stimulus money directly at entrepreneurs. "If you wish to stimulate the economy and create new jobs, you will need to direct federal infrastructure spending to the tiny businesses that induce 97 percent of new jobs," Chapman stated.

Perhaps doing what he does best, the president sought to inspire Americans up to throw stimulus money their way. "We will rebuild, we will recover," he said, "and america of America will emerge more powerful than before."

"What’s required now is because of this country to pull together, confront boldly the challenges we face, and take responsibility for our future once again," he said.

His speech didn’t go without finger pointing, and Obama seemed to blame the last administration for a few of today’s economic malaise which includes a bottom-dwelling currency markets, unprecedented home foreclosures and record job losses:

" … We’ve lived via an era where all too often short-term gains were prized over long-term prosperity, where we didn’t look beyond another payment, another quarter, or another election. A surplus became a justification to transfer wealth to the wealthy rather than an opportunity to spend money on our future."

"… That day of reckoning is here, and enough time to take charge of our future is here now," Obama said. "This is the time to do something boldly and wisely, never to only revive this economy, but to create a new foundation for lasting prosperity. This is the time to jump-start job creation … "

Obama quoted Ty’Sheoma Bethea, a woman who attends a delapidated school in SC. She sent the president a letter that states, "We aren’t quitters."

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