U.S. not to accept 2nd place in world economy while India, China race for top: Obama

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Washington, Jan., 28 (ANI): United States President Barack Obama on Thursday said the US cannot accept second place for itself in the world economy and should become serious about fixing its problems, as the worst of the global financial crisis is over.

Speaking during his first State of the Union address to the Congress, Obama sought to draw everyone's attention on India and China as the countries that are going ahead with economic revamp, and said: "Washington has been telling us to wait for decades, even as the problems have grown worse. Meanwhile, China's not waiting to revamp its economy. Germany's not waiting. India's not waiting. These nations aren't standing still. These nations aren't playing for second place. They're putting more emphasis on maths and science. They're rebuilding their infrastructure. They are making serious investments in clean energy because they want those jobs."

During his 69-minute speech, Obama said he would not accept a second place of America, the only superpower.

"Well, I do not accept second-place for the United States of America. As hard as it may be, as uncomfortable and contentious as the debates may be, it's time to get serious about fixing the problems that are hampering our growth," Obama said.

Obama, who delivered his first State of the Union address against a backdrop of an American public worried about the fallout of the meltdown, said the worst of the storm has passed. But the devastation remains.

Obama conceded that one in 10 Americans still could not find work, many businesses have shuttered and small towns and rural communities have been hit especially hard. The recession has also compounded the burdens of American families.

To overcome the crisis, Obama proposed a 30 billion dollors plan under which the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat.

He said: "These steps won't make up for the seven million jobs that we've lost over the last two years... The only way to move to full employment is to lay a new foundation for long term economic growth."

In his Union address, President Barack Obama tried to turn back the clock and took Americans to his campaign days by frankly telling them that "I never suggested that change would be easy."

"I campaigned on the promise of change - change we can believe in, the slogan went. And right now, I know there are many Americans who aren't sure that they still believe we can change - or at least, that I can deliver it. But remember this I never suggested that change would be easy, or that I could do it alone," Politico quoted Obama, as saying during his address to a joint session of Congress.

Obama sent a clear signal that he'll try to regain voters' confidence with a sharp focus on fixing the recession and creating jobs.

"Jobs must be our number one focus in 2010, and that is why I am calling for a new jobs bill tonight. People are out of work. They are hurting. They need our help. And I want a jobs bill on my desk without delay," Obama roared.

eanwhile, Indian minister for Road Transport and Highways Kamal Nath on Thursday expressed faith in the country's Manufacturing and industrial sector for economic growth.

India is on continued trajectory of growth. Manufacturing and industrial sector will lead growth," Times Now quoted Union Minister for Road Transport and Highways Kamal Nath as saying. (ANI)

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