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Obama: High gas prices hurting economy

Saturday, May 07, 2011 - 01:32

May 6 - In speech to auto workers in Indiana, U.S. President Barack Obama said that high gasoline prices are sapping the spending power of Americans. Jon Decker reports.

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In speech to auto workers in Indiana, U.S.President Barack Obama said that high gasoline prices are sapping the spending power of Americans, on the same day the labor department reported that private sector hiring grew by 268,000- the largest increase in 11 months. SOUNDBITE: U.S. President Barack Obama saying (English): "We've made this progress at a time when our economy has been facing some serious headwinds -- and I don't need to tell you about that. We've got high gas prices that have been eating away at your paychecks. And that is a headwind that we've got to confront." The President also acknowledged that the jobless rate in America rose two-tenths of a percent to 9.0 percent. SOUNDBITE: U.S. President Barack Obama saying (English): "So there are always going to be some ups and downs like these as we come out of a recession. And there will undoubtedly be some more challenges ahead. But the fact is that we are still making progress, and that proves how resilient the American economy is, and how resilient the American worker is, and that we can take a hit and we can keep on going forward. That's exactly what we're doing. " Public anger over rising costs at the pump has put pressure on President Obama to look for ways to provide quick relief for consumers as he seeks re-election in 2012. Jon Decker, Reuters.

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Obama: High gas prices hurting economy

Saturday, May 07, 2011 - 01:32