President Obama on Monday defended his policies for boosting the economy after a week of sharp falls in the stock market, but said the country has plenty of time to make up for the loss.
“I think that the American people are in control of their lives,” Obama said in a speech to the American Enterprise Institute.
“And I’m going to do everything I can to make sure that they get a lot more out of the job of rebuilding this economy than I did.”
Obama and the president-elect are scheduled to visit several battleground states in November.
Obama has said he’ll focus on boosting the American economy during his second term and that the president’s signature economic initiatives, such as health care reform, would be implemented in phases.
In the first week of November, the Dow Jones Industrial Average fell more than 1,000 points to 23,096.63.
On Tuesday, the Nasdaq composite index fell 2.2 percent to 5,929.70.
The Dow has now lost more than $100 billion in value since Obama’s inauguration in January 2009.
Obama’s comments came after a series of events on Monday that were a direct response to the market decline.
While he did not elaborate on any specific measures he would implement, he said he would “take the right actions” on issues such as raising the minimum wage, cutting taxes, cutting regulations, and increasing the tax rate on the wealthy.
“We’ve got a long way to go,” he said.
“We’ve just got to get there.
And I want to make certain that we’re doing everything we can to do that.”
The economy is still recovering from the global financial crisis, but the administration has said that the economy is stronger than it was at the start of the crisis, in part because it is dealing with the aftermath of the wars in Iraq and Afghanistan.