FXP News: The State of the Union 2010

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President Obama used the 2010 State of the Union to reaffirm his commitment to the American people and their struggle.  It had been echoed that Obama is out of touch with the everyday struggles of ordinary people and not following through on his campaign promises to bring about change in Washington.  Finally, he is simply failing the American populace.

Given recent changes in the Senate and the shifting of public anger with the economy, Obama shifted his focus to job creation in 2010.  With health care reform lingo, President Obama called on Congress to “not walk away from reform. Not now. Not when we are so close.”  A clear cut plan for the passage of any health care reform seems to be a distant memory.  The recent election loss in Massachusetts has shifted the power in the Senate.

Concerning jobs, President Obama said “people are out of work.  They are hurting.  They need our help.”  he renewed his call for the passage of a jobs bill (without delay) that would spur investment in green jobs and clean energy but gave no specifics on the cost.  Other initiatives to spur job growth include giving investment tax breaks to small businesses and better access to bank loans.  Also, doubling exports over the next five years will add an estimated 2 million jobs to the economy.

Although he put forth no new agenda and no far reaching legislative programs, he did reiterate several programs that need to be put into place.  He recognized the fact that he may not have done enough to bring about the change and transparency he promised during the campaign.  To change this, he said we must close the credibility gap by curbing the out-sized influence of lobbyist.

President Obama said he would work with Congress to repeal the “Don’t Ask, Don’t Tell” policy.  He called for the re-authorization of No Child Left Behind and new tax credits for childcare.  He called for a cap on student loan payments for recent grads.  Lastly, he proposed tax cuts for small business plus $30 billion dollars to be shifted from the TARP fund to encourage community banks to lend to small businesses.

The messages in the speech were a balancing act between taking blame and dishing out blame.  As his tone shifted, Obama called on Democrats to toughen up and Republicans to do their part on behalf of the American people.  At one point, he attacked the Republicans directly, “saying no to everything may be good short-term politics, but it’s not leadership.”  He went on to say “Let’s put away the school yard talks about who’s tough.”

Taking a more defensive tone, he reminded the nation that he inherited the mess, but after one year “the worst of the storm has passed.” Citing how unpopular some of the decisions he has to make are, he compared the popularity of the bank bailout to the popularity of getting a root canal.  he also made it clear that he understood the suffering caused by the economic slump and America’s anger at both Wall Street and Washington.

Foreign Policy got the least coverage with Obama dedicating only 9 minutes of speech time to the topic.  He pledged to end the war, saying “make no mistake-the war is ending, and all of our combat forces are coming home.”  However, he only dedicated one paragraph to Afghanistan, the current war home front.  To reinforce this point, he said “Since the day I took office, we have renewed our focus on the terrorist who threaten our nation.”

Finally, the President made a commitment to non-Proliferation results.  ”Even as we prosecute two wars, we are also confronting the greatest danger to the American people-the threat of nuclear weapons.” He is also launching a bio-terror and pandemic threat initiative. “We are launching a new initiative that will give us the capacity to respond faster and more effectively to bio-terrorism of an infectious disease-a plan that will counter threat at home, and strengthen public health abroad.”

In conclusion, “Despite our hardships, our Union is strong.”

[FXP Editors Note: Read the entire transcript of President Obama's speech here]

Article by Kevin Breckenridge

Helping to raise the financial conscious of those who are consciously aware of the necessity to obtain financial freedom. Through education, exposure, open discussion, and action we can eliminate the financial strain on our pockets. Doing so will allow us to build the capital and asset portfolio necessary to truly enjoy our life as well as elevate the launching pad for our future generations. Follow me on Twitter @Legacieinmotion

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