The Guardian has the full text of Obama‘s speech on the economy:

We meet at a moment of great uncertainty for America. The economic crisis we face is the worst since the Great Depression. Markets across the globe have become increasingly unstable, and millions of Americans will open up their 401(k) statements this week and see that so much of their hard-earned savings have disappeared.

The credit crisis has left businesses large and small unable to get loans, which means they can’t buy new equipment, or hire new workers, or even make payroll for the workers they have. You’ve got auto plants right here in Ohio that have been around for decades closing their doors and laying off workers who’ve never known another job in their entire life.

760,000 workers have lost their jobs this year. Unemployment here in Ohio is up 85% over the last eight years, which is the highest it’s been in sixteen years. You’ve lost one of every four manufacturing jobs, the typical Ohio family has seen their income fall $2,500, and it’s getting harder and harder to make the mortgage, or fill up your gas tank, or even keep the electricity on at the end of the month. At this rate, the question isn’t just “are you better off than you were four years ago?”, it’s “are you better off than you were four weeks ago?”‘

Read the full story here.

Peter Fray

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