Obama Speech on the Economy (Transcript 9-21-09)

This speech was given at Hudson Valley Community College, Troy, N.Y. Read the complete transcript. Excerpt below:

Now, communities like this one were once the heart of America’s manufacturing strength. But over the last few decades, you’ve borne the brunt of a changing economy which has seen many manufacturing plants close in the face of global competition.

So while all of America has been gripped by the current economic crisis, folks in Troy and upstate New York have been dealing with what amounts to almost a permanent recession for years, an economic downturn that’s driven more and more young people from their hometowns.

I also know that, while a lot of people have come here promising better news, that news has been hard to come by, despite the determined efforts of the leaders who are here today and many who are not.

And part of the reason is that, while the people of this city work hard to meet their responsibilities, I have to confess that some in Washington haven’t always lived up to theirs.

For too long, as old divisions and special interests reigned, Washington has shown neither the inclination nor the ability to tackle our toughest challenges.

Meanwhile, businesses were saddled with ever-rising health care costs; the economy was weakened by ever-growing dependence on foreign oil; our investments in cutting-edge research declined; our schools fell further short; growth focused on short-term gains and, fueled by debt and reckless risk led to cycles of precipitous booms and painful busts.

OBAMA: And meanwhile, too many in Washington stood by and let it happen.

Now, after so many years of failing to act, there are those who now suggest that there’s really not much the government can or should do to make a difference; that what we’ve seen in places like Troy is inevitable; that somehow the parts of our country that helped us lead in the last century don’t have what it takes to help us lead in this one.

And I’m here to tell you that that is just flat-out wrong. What we have here in this community is talented people, entrepreneurs, world-class learning institutions.

(APPLAUSE)

The ingredients are right here for growth and success and a better future. These young people are testimony to it. You are proving that right here in the Hudson Valley.

Students here are training full-time while working part-time at G.E. Energy in Schenectady, becoming a new generation of American leaders in the new generation of American manufacturing. IBM has partnered with the University at Albany. Their partnership in nanotechnology is helping students train in industries in which America has the potential to lead.