Obama Calls Economy ‘Stronger’ After Historic Crash On Wall Street
President Obama insisted that the American economy is strong, even after $1.8 trillion in wealth vanished out of American households as a result of the stock market sell-off Monday.
The Dow Jones Industrial Average closed down 588 points, the worst decline since August 2011 after plunging over 1,000 points earlier in the day.
But Obama painted a rosy economic picture during a fundraiser last night with wealthy Democrats in a Las Vegas suburb.
“Systematically we have dug ourselves out of the economic hole that we were in,” he said, asserting that Nevada’s economy had bounced back. “Still got a lot of work to do, but the economy is stronger, the housing market is stronger. People are seeing job creation once again.”
He blamed Republicans on Congress for holding back the economy after they failed to pass an expansive highway bill.
“Right now, we could be putting hundreds of thousands of people back to work rebuilding the infrastructure of this country and yet we have a Congress that finances our highway bill for 3 months at a time,” he said. “That’s not what the greatest country on earth does.”
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