Obama admits delay in economic recovery

US: US President Barack Obama admitted on Saturday that recovery from economic recession will take longer than expected, as the situation is much worse than originally anticipated.

Total recovery will still take long months. Now we have realized that the problems are much worse than we thought, he said during his Saturday radio address.

According to Obama, figures released Friday by the Department of Commerce reflect the magnitude of the situation prevailing when he assumed power. When I assumed the presidency we were facing a recession deeper than anyone thought at the moment, said the president, who took the opportunity to deliver an optimistic message to national public opinion.

According to him, the $787 billion financial rescue package approved in February is contributing to put a brake on difficulties, with experts holding the package responsible for improvements of the last few months.

However, he admitted that modest advances are not much comfort for those affected by unemployment, which reached 9.5 percent of active labor in July, the worst level since 1983.

During his address, Obama said to have the intention to prevent the US economy from relying on inflated profits and maxed-out credit cards because that doesn't create a lot of jobs.

Washington, Prensa Latina