President-elect Barack Obama may not have moved into 1600 Pennsylvania quite yet, but the forty-fourth commander in chief is already hard at work, as he announced he expects Americans to spend much more as part of his almost $1 trillion American Recovery and Reinvestment Plan, according to the Los Angeles Times. During his speech at George Mason University, Obama shared that the plan would create more than 3 million jobs instead of raising unemployment to an additional 10 percent.
In his speech, Obama explained that if these steps aren't taken, our current situation could become far worse.
"I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible," said Obama. "If nothing is done, this recession could linger for years. The unemployment rate could reach double digits. Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four. We could lose a generation of potential and promise, as more young Americans are forced to forgo dreams of college or the chance to train for the jobs of the future. And our nation could lose the competitive edge that has served as a foundation for our strength and standing in the world."