During Labor Day Speech, Obama Blames Bush

President Obama used his Labor Day weekend radio address to defend his economic record and vow to “keep fighting” for the country’s middle class.

At the end of a long week which saw the national unemployment rate uptick from 9.5 percent to 9.6 percent and Obama come under criticism for calling this summer “Recovery Summer,” the president said he remained focused on the economy.

But Obama first reminded listeners of the recession he inherited from Republican President George W. Bush in January 2009.

“For a decade, middle class families felt the sting of stagnant incomes and declining economic security. Companies were rewarded with tax breaks for creating jobs overseas. Wall Street firms turned huge profits by taking, in some cases, reckless risks and cutting corners. All of this came at the expense of working Americans, who were fighting harder and harder just to stay afloat – often borrowing against inflated home values to pay their bills. Ultimately, the house of cards collapsed,” Obama said.

“So this Labor Day, we should recommit ourselves to our time-honored values and to this fundamental truth: to heal our economy, we need more than a healthy stock market; we need bustling main streets and a growing, thriving middle class. That’s why I will keep working day-by-day to restore opportunity, economic security, and that basic American Dream for our families and future generations.” Read more...