Highlighting California’s high unemployment rate, which is estimated to be more than 10%, and the state’s heavy exposure to the real estate development and lending industries, Obama touted projects supported by the federal government that create jobs.
He mentioned that adding a lane to the 91 Freeway in Orange County, for instance, creates 2,000 new jobs while easing traffic congestion.
The president began his speech by chiding insurance giant AIG for giving “lavish” bonuses to employees while accepting federal money, but told the crowd that the problem was only a symptom of a much more substantial issue.
“I know a lot of you are outraged about this. Rightfully so. I’m outraged too,” Obama said, adding that he didn’t create the mess, but wanted to “take responsibility for it.”
Underlying and causing the symptoms, however, is a wider culture of taking irresponsible risks to make money, Obama said.
The large, open building that was the venue of the much-anticipated visit was turned into an intimate setting, as the White House had said it was aiming to do. A couple of small sets of bleachers surrounded the stage on all sides, and rows of folding chairs were set up for the rest of the crowd, most of whom were seated within 50 yards of the president.
Many in attendance spent the night in the parking lot of the fairgrounds just for a chance to see Obama.
Questions posed to him by audience members selected at random dealt with everything from financial issues, to education, to immigration policy.
He repeated many of his campaign promises, including his pledge not to raise taxes on families making less than $250,000, his promise to cut the deficit in half during his first term and his proposal for comprehensive immigration reform.
