US President Barack Obama
US President Barack Obama speaks on the extension of the payroll tax cut and of the Republican obstruction of Richard Cordray's nomination to head the Consumer Financial Protection Bureau (CFPB) in the briefing room of the White House in Washington, December 8, 2011.

U.S. President Barack Obama says fixing the American economy could take years, calling it “a long term process.”

In a television interview to be broadcast on Sunday, Obama said the structural problems in the economy have been building for two decades and that repairing them would take more than one term in office and “probably take more than one president.”

He described  himself as “the captain of a ship going through really bad storms.” Excerpts of the interview were released by the network before its airing.

The U.S. economy has recently showed signs of improvement with the unemployment rate dropping from nine percent to 8.6 percent but it remains far above a normal traditional rate of four or five percent.  The jobless rate is seen as a major factor in whether Mr. Obama can win re-election to another four-year term next November.

The president once again called on Congress to approve his nominee, Richard Cordray, to head a new consumer protection agency. In the interview he repeated comments made Saturday during his weekly address that Americans need an advocate against “dishonest businesses” and their “unscrupulous practices.”


Some information for this report was provided by AP, AFP and Reuters.



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