Obama's Op-Ed on Global Economy

Obama's op-ed comes ahead of the G 20 meeting April 2 and is in a bunch of papers.

By Barack Obama
March 24, 2009

WASHINGTON — We are living through a time of global economic challenges that cannot be met by half measures or the isolated efforts of any nation. Now, the leaders of the G-20 have a responsibility to take bold, comprehensive and coordinated action that not only jump-starts recovery, but launches a new era of economic engagement to prevent a crisis like this from ever happening again.

No one can deny the urgency of action. A crisis in credit and confidence has swept across borders, with consequences for every corner of the world. We have learned that the success of the American economy is inextricably linked to the global economy. If people in other countries cannot spend, markets dry up—already we've seen the biggest drop in American exports in nearly four decades, which has led directly to American job losses. And if we continue to let financial institutions around the world act recklessly and irresponsibly, we will remain trapped in a cycle of bubble and bust. That is why the upcoming London Summit is directly relevant to our recovery at home.

My message is clear: The United States is ready to lead, and we call upon our partners to join us with a sense of urgency and common purpose. Our leadership is grounded in a simple premise: We will lift the American economy out of crisis and reform our regulatory structure, and these actions will be strengthened by complementary action abroad. Through example, the United States can promote a global recovery and build confidence around the world; and if the London Summit helps galvanize collective action, we can forge a secure recovery, and future crises can be averted.

Our efforts must begin with swift action to stimulate growth. The U.S. has passed the American Recovery and Reinvestment Act—the most dramatic effort to jump-start job creation and lay a foundation for growth in a generation. Other G-20 members have pursued fiscal stimulus as well, and these efforts should be sustained until demand is restored. We should embrace a collective commitment to encourage open trade and investment, while resisting the protectionism that would deepen this crisis. Read the rest.