My Fellow Americans:
Despite valiant efforts by my administration and the Federal Reserve, the economy is faltering and jobs are not being created. We must respond with decisive measures.
I had intended to come to you tonight with proposals to do more of the same – a second stimulus, an infrastructure bank, extending unemployment insurance, and some loosening of the regulatory burden. But I have concluded that such measures will do little to solve our problems of low growth and unemployment. Moreover, it would be difficult, if not impossible, to convince Congress to support new spending programs in this time of budget deficits. Now is the time for bold bipartisan measures. Half measures will not do.
The past three years have taught us that we cannot create growth and jobs through government. Only the private sector can do so. Private enterprise needs the confidence to invest and hire, and lenders need the confidence to lend. Neither will do so as long as they fear our government is against them or that government will rewrite the rules of the game on them. There is also the false impression that I and my administration are against business.
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