Obama makes another pitch for stimulus

President-elect Barack Obama on Saturday made another pitch for his stimulus plan to rescue the economy.

Speaking in his weekly radio address, released on video on YouTube, Obama pointed to new unemployment numbers released on Friday that showed unemployment reached a 16-year-high at 7.2 percent and the economy shed more than 2.5 million jobs in 2008, the worst record since the end of World War II.

"These numbers are a stark reminder that we simply cannot continue on our current path," Obama said. "If nothing is done, economists from across the spectrum tell us that this recession could linger for years and the unemployment rate could reach double digits," he added.

The incoming president did offer some optimism, though, if Congress approves his economic approach. "It's not too late to change course," Obama said, "but only if we take immediate and dramatic action."

Obama cited a new internal report that he said confirms that his economic plan is likely to save or create 3 to 4 million jobs, a number considerably larger than what he had predicted during the campaign. Ninety percent of the jobs would be created in the private sector, he said, while the remaining 10 percent of public sector jobs are mainly teachers, police officers, firefighters and others who he said "provide vital services in our communities."

Obama did offer a word of warning to Americans. "Recovery won't happen overnight," he said, "and it's likely that things will get worse before they get better."