…this is not your ordinary, run-of-the-mill recession. We are going through the worst economic crisis since the Great Depression. 00:11 We've lost now 3.6 million jobs. But what's perhaps even more disturbing is that almost half of that job loss has taken place over the last three months which means that the problems are accelerating instead of getting better.
Now, what I said in Elkhart today is what I'll repeat this evening, which is I'm absolutely confident that we can solve this problem but it's going to require us to take some significant, important steps.
Step number one, we have to pass an economic recovery and reinvestment plan. And we've made progress. There was a vote this evening that moved the process forward in the Senate. We already have a House bill that's passed. I'm hoping over the next several days that the House and the Senate can reconcile their differences and get that bill on my desk.
There have been criticisms from a bunch of different directions about this bill. So let me just address a few of them. Some of the criticisms really are with the basic idea that government should intervene at all in this moment of crisis. Now, you have some people, very sincere, who philosophically just think the government has no business interfering in the marketplace.
And in fact, there are several who've suggested that FDR was wrong to intervene back in the New Deal. They're fighting battles that I thought were resolved a pretty long time ago. Most economists, almost unanimously, recognize that even if philosophically you're - you're wary of government intervening in the economy when you have the kind of problem we have right now - what started on Wall Street goes to Main Street suddenly businesses can't get credit, they start paring back their investment, they start laying off workers... workers start pulling back in terms of spending - that when you have that situation that government is an important element of introducing some additional demand into the economy.
And I'm happy to get good ideas from across the political spectrum, from Democrats and Republicans. What I won't do is return to the failed theories of the last eight years that got us into this fix in the first place because those theories have been tested, and they have failed. And that's part of what the election in November was all about.
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