Barack Obama's State of the Union Speech: Money on the Mind

By Boyce Watkins, PhD

In more than just a few hip-hop songs, you're likely to hear the words, "I have my mind on my money, money on my mind." If the American people were to become rappers, most of them would be singing songs with similar lyrics. Right now, the economy and job creation are the biggest issues on the minds of the American people, and almost everything else is simply entertainment.

President Barack Obama knows this, and he made this the focal point of his State of the Union Address.

Although President Obama's speech attacked the most critical issues in our nation, such as immigration, civil rights and national security, he spent the bulk of his time going for the political jugular: jobs and the economy. Going right in for the kill, the president immediately communicated his demand for a jobs bill this year and set the record straight on government spending.

President Obama said:

"So tonight, I'm proposing that we take $30 billion of the money Wall Street banks have repaid and use it to help community banks give small businesses the credit they need to stay afloat. I am also proposing a new small business tax credit – one that will go to over one million small businesses who hire new workers or raise wages. While we're at it, let's also eliminate all capital gains taxes on small business investment; and provide a tax incentive for all businesses, large and small, to invest in new plants and equipment.

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There are projects like that all across this country that will create jobs and help our nation move goods, services, and information. We should put more Americans to work building clean energy facilities, and give rebates to Americans who make their homes more energy efficient, which supports clean energy jobs. And to encourage these and other businesses to stay within our borders, it's time to finally slash the tax breaks for companies that ship our jobs overseas and give those tax breaks to companies that create jobs in the United States of America.



The House has passed a jobs bill that includes some of these steps. As the first order of business this year, I urge the Senate to do the same. People are out of work. They are hurting. They need our help. And I want a jobs bill on my desk without delay."


He talked about infrastructure spending and cutting taxes, among other things that can help the economy. He even discussed a government spending freeze, something that is actually going to hurt the economy, but a move that will shut up his conservative critics.

The president delivered the speech in a fashion that was nearly as good as his other speeches. Other than a few nervous hesitations, Obama laid out the words in a way that remind us that he is one of the best speakers to ever hang out in Washington.

Case in point, here is President Obama at his best, putting the pressure on while galvanizing even a cynics' patriotic sensibilities:

"From the day I took office, I have been told that addressing our larger challenges is too ambitious – that such efforts would be too contentious, that our political system is too gridlocked, and that we should just put things on hold for awhile.

For those who make these claims, I have one simple question:


How long should we wait? How long should America put its future on hold?

You see, 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 math and science. They're rebuilding their infrastructure. They are making serious investments in clean energy because they want those jobs.

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."

Any form of public address for Barack Obama refreshes his political capital, and is a reminder of the fact that most Americans like Obama more than they like his policies. The American people like Obama more now than yesterday, but whether Americans grow to like any of his policies will likely depend on which areas he focuses on during the year 2010.

The president took jabs at pundits who run their mouths on television, and disenfranchised Republicans who try to block everything he does:

"So let me start the discussion of government spending by setting the record straight. At the beginning of the last decade, America had a budget surplus of over $200 billion. By the time I took office, we had a one year deficit of over $1 trillion and projected deficits of $8 trillion over the next decade. Most of this was the result of not paying for two wars, two tax cuts, and an expensive prescription drug program. On top of that, the effects of the recession put a $3 trillion hole in our budget. That was before I walked in the door."

But he also took a stab at some Democrats who use their marginal votes to get special privileges for their home state, like Nebraska Democrat Ben Nelson. I am not sure if the president's jabs are going to win him any friends in D.C., but he doesn't have too many Republican friends anyway. They are smelling blood in the water, so the best way for Republicans to manage their position is to sit stone-faced and continue to hope that Obama fails. In that regard, the president's appeal to the American people was a very effective way for him to say, "Look at what they're doing over there! You can't allow that!"

To some extent, the president was campaigning for public support and his moves this year will determine whether the Democrats have a chance in mid-term elections. The Democrats remain strong for the moment, and the Republicans continue to remain stubborn. Appealing to the American people and extending opportunities to meet with Republicans is likely the best Obama can do at this point. At the same time, one can wonder if Obama's outreach to Republicans is sincere and whether or not the American people will hold Republicans accountable when evidence shows that they are not dealing with the president in good faith. It's going to be an interesting year.

Dr. Boyce Watkins is the founder of the Your Black World Coalition. To have Dr. Boyce commentary delivered to your email, please click here.