Barack Obama used his first weekly address as president to give details on the investments his proposed American recovery plan will undertake to get the country's once-mighty economy back on track.
Obama began his address -- broadcast on radio and on the web -- by warning his electorate that if the worsening economy is left untouched, Americans could eventually see double-digit unemployment.
In 2008 alone, the American economy shed 2.6 million jobs -- the worst job losses the country had seen since the Second World War.
"Our economy could fall $1 trillion short of its full capacity, which translates into more than $12,000 in lost income for a family of four," Obama said.
"And we could lose a generation of potential as more young Americans are forced to forego college dreams or the chance to train for the jobs of the future."
"In short, if we do not act boldly and swiftly, a bad situation could become dramatically worse," the president added.
Obama said his plan will emphasize major investment in infrastructure and new technology and said he hopes for it to be signed into law within one month.
One major component of the plan involves increasing America's commitment to what the president called "a clean energy economy," doubling U.S. capacity to generate power from alternative energy sources over the next three years. The government would then build more than 4,800 kilometres worth of new transmission lines to supply this power throughout the country.
Obama said he will also modernize federal buildings by making three-quarters of them more energy efficient, which he believes could save taxpayers some $2 billion each year. He also plans to "weatherize" 2.5 million American homes.
A second tenet of the plan is to improve the health care of U.S. citizens by computerizing the country's health records within five years and guaranteeing health insurance for eight millions Americans who are at risk of losing their jobs.
Investment in education is also a part of Obama's plan. The president said he will "renovate and modernize" some 10,000 public schools and provide additional funding for post-secondary students in the form of improved grants and college tax credits.
Lastly, the president's plan, if implemented as outlined, will invest heavily in the country's major transportation systems and other infrastructure. Among the plan's targets for investment are the country's aging roadways, ports, mass transit systems and broadband networks.
The president said some people will suggest his plan is too broad and ambitious, but he contends that the measures are necessary and he will be accountable for his decisions.
"We won't just throw money at our problems, we'll invest in what works," he said.
"Instead of politicians doling out money behind a veil of secrecy, decisions about where we invest will be made public, and informed by independent experts whenever possible."
He also acknowledged that his plan will not yield results overnight.
"No one policy or program will solve the challenges we face right now, nor will this crisis recede in a short period of time," he said.
Obama said American citizens will be able to follow the spending authorized by his administration by consulting a new website -- recovery.gov -- that will launch once the American Recovery and Reinvestment Act is passed.
With files from The Associated Press
