President Obama signed the State Children’s Health Insurance Program Reauthorization Act (SCHIP) tonight, which renews and expands the plan from 7 million children affected to 11 million.
Here is video of the president’s remarks at the signing ceremony:
In addition to celebrating the legislation that will provide health care to 11 million children in the United States, President Obama had a message for those opposing the American Recovery and Reinvestment Plan.
We finally have a leader in the White House. Elections do indeed have consequences.
The full text of President Obama’s remarks, as prepared for delivery, is below the fold.
WASHINGTON — President Obama announced on Wednesday a salary cap of $500,000 for top executives at companies that receive the largest amounts of money under the $700 billion federal bailout, calling the step an expression not only of fairness but of “basic common sense.”
“We all need to take responsibility,” the president said, in discussing the compensation restrictions, which include an exception for restricted stock. He also used the occasion to prompt Congress once again to act on his separate economic stimulus program, whose cost could approach $1 trillion.
Mr. Obama repeated his comments that some Wall Street executives had shown “the height of irresponsibility” when millions of nonwealthy Americans were bearing the burden of Wall Street’s failures.
The people are sick and tired, Mr. Obama said, of seeing Wall Street executives come to the government “hat in hand when they were in trouble, even as they paid themselves customary lavish bonuses.”
“This is America, we don’t disparage wealth,” the president said. “We don’t begrudge anybody for achieving success. And we certainly believe that success should be rewarded.”
But Americans definitely begrudge “executives being rewarded for failure,” especially if their earning are subsidized by taxpayers, “many of whom are having a tough time themselves,” he said.
I think five hundred grand a year is a rather generous salary for running a business into the ground, don’t you? Honestly, would you have much difficulty surviving on five hundred thousand dollars per year (a little over $240/hour)? The president himself makes four hundred thousand. Why should anybody in this country make more money than our Chief Executive?
The complete text of President Obama’s remarks is below the fold.
