ActivePaper Archive New US President Obama vows to rebuild economy - Irish Independent 1905-current, 21/01/2009

New US President Obama vows to rebuild economy

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New US president Barack Obama and his wife Michelle wave to the crowds as they walk down Pennsylvania Avenue during the Inauguration parade in Washington.

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BARACK OBAMA today began fulfilling the pledge to lead his country and the world.

He made the promise yesterday as he was sworn in as America’s first black president.

Mr Obama under took to “begin again the work of remaking America” and told the world that “we are ready to lead once more”.

He vowed to rally Americans to a “new era of responsibility”, lamenting a profound “sapping of confidence across our land – a nagging fear that America's decline is inevitable and that the next generation must lower its sight”.

T he US was facing an economic crisis caused by greed but also “our collective failure to make hard choices”

T he 44 th US president stressed “the challenges we face are real” but “could be overcome”.

“They are serious and they are many. They will not be met easily or in a short span of time. But know this, America – they will be met.”

Mr Obama said America's economy was “in the midst of crisis” and had been badly weakened by greed, irresponsibility and complacency.

That was a clear indictment of the Bush years and the free market values espoused by Republicans.

The new president promised “bold and swift” action, an indication that his top priority will be signing into law a new economic stimulus package of close to a trillion dollars.

Much of this will be spent on decaying infrastructure, building “roads and bridges, the electric grids and digital lines that feed our commerce”. But he also hailed the strength of American ingenuity, signalling that he would attempt a centrist policy of increasing public spending without stifling private enterprise.

The president made a series of references to his determination to combat climate change and promote renewable power, heralding another break with the George W Bush years.

And as commander in chief of the world's only superpower, Mr Obama promised that America would not waver in the defence of its way of life.

While he did not repeat Mr Bush's reference to a “war on terror”, he said the US would defeat those who sought to advance their aims by “inducing terror and slaughtering innocents”.

Mr Obama outlined a clean break from Mr Bush's foreign policy, signalling he would reach out to the world by invoking the memory of the founding fathers of America.

He said he would strive to rebuild his nation's battered reputation and put America in a position where it was “ready to lead once more”.

One subject that Mr Obama had little to say on was race. He failed to mention the word “black” at all and only mentioned the word “race” once.

THE NEW PRESIDENT’S INAUGURAL SPEECH IN FULL: 24-PAGE SUPPLEMENT

David McWilliams: Can new man pull off the great escape? P14

Kevin Myers: Looking for the substance behind the speech making P14

Editorial Comment: Now up to you Mr President P14