Posts Tagged ‘Jobs

12
Aug
10

Fed Effort to Aid Recovery Fails to Calm Investors

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Fed Effort to Aid Recovery Fails to Calm Investors

Thursday, August 12, 2010

More worried about the recovery, the U.S. Federal Reserve has taken a small step to bolster the U.S. economy.

Wrapping up a one-day meeting, the Fed said it will use money from its investments in mortgage securities to buy government debt on a small scale. That could help nudge down long-term rates on mortgages and corporate debt, but wouldn’t have a dramatic impact on stimulating economic growth, economists say.

Perhaps more importantly, the largely symbolic action sends a signal that the Fed sees the recovery weakening and that it stands ready to take more aggressive action, if needed, to keep it on track.

Delivering a more downbeat assessment, the Fed now believes economic growth will be ‘more modest’ than it had anticipated at its late June meeting.

The Fed, citing ‘subdued’ inflation, said it would keep its target for a key interest rate at zero to 0.25 percent for an ‘extended period’.
Investors reacted positively to the statement. Stocks that were down sharply before the announcement made up some lost ground. The Dow Jones industrial average, down about 100 points just before the Fed decision, was down about 40 a short time later. However, the market was likely to fluctuate, as it usually does while investors pore over the Fed’s statement.

Treasury prices rose slightly as investors were pleased by the Fed’s plan to buy government debt, which would reduce the amount of Treasury securities in the market. The yield on the Treasury’s 10-year note, which moves in the opposite direction from its price, fell to 2.77 percent from 2.82 percent just before the announcement.

Economists doubt the Fed can turn around the economy on its own. Some believe additional help from Congress is needed. Others are sceptical that easier credit or even more government aid will persuade Americans to shop more and hire more. Yet others think some jobs – like in construction – will never return to pre-recession levels, as the economy makes a structural shift.
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04
Aug
10

President Obama at AFL-CIO on the Economy: “Made In America”

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President Obama at AFL-CIO on the Economy: “Made In America”
Making the Right Choice for the Economy

Wednesday, August 04, 2010

Speaking at the AFL-CIO Executive Council Meeting here in DC, the President thanked “all my brothers and sisters in the AFL-CIO” who have worked so hard to help get America’s economy back on track. He spoke of the progress that’s been made, with millions of people at work now because of the Recovery Act, and the length left to go until the millions still out of work find their jobs.
As for his plans going forward, he summed it up in “three powerful words”:

Together, we’re jumpstarting a new American clean energy industry – an industry with the potential to generate perhaps millions of jobs building wind turbines and solar panels, and manufacturing the batteries for the cars of the future, building nuclear plants, developing clean coal technology. There are other countries that are fighting for those jobs, in China and India and in Germany and other parts of Europe. But the United States doesn’t play for second place. As long as I’m President, I’m going to keep fighting night and day to make sure that we win those jobs, that those are jobs that are created right here in the United States of America and that your members are put to work. (Applause.)

So the message I want to deliver to our competitors – and to those in Washington who’ve tried to block our progress at every step of the way – is that we are going to rebuild this economy stronger than before, and at the heart of it are going to be three powerful words: Made in America. Made in America. (Applause.)

That’s why we’re finally enforcing our trade laws – in some cases for the very first time. That’s why we’re fighting for tax breaks for companies that invest here in the United States as opposed to companies that are investing overseas or that keep their profits offshore. Because it is my belief – and I know it’s the belief of this room – that there are no better workers than U.S. workers. There are no better workers than your members. (Applause.) And they are absolutely committed to making sure that America is on the rise again. And we are going to keep moving forward with them – not moving backwards but moving forward with them.

As we rebuild our economy, we’re going to rebuild America as well. Over the last 20 months, bulldozers and backhoes have been whirring in communities across the country, as construction crews from local companies repair roads and bridges, railways and ports. That was part of our plan, and it’s put hundreds of thousands of folks to work. But there’s a lot more to do to rebuild our infrastructure for the 21st century, and a lot more Americans who are ready and willing to do that work. So that, too, is an area where we’ve got to keep moving forward.


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31
Jul
10

Weekly Address: Good News on Autos, Obstruction on Small Business

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Weekly Address: Good News on Autos, Obstruction on Small Business
President Obama Hails Successes of the Restructuring of the Auto Industry, Calls on GOP Leaders to Stop Blocking Aid for Small Businesses

Saturday, July 31, 2010

In this week’s address, President Obama praised the successes of the auto industry restructuring. When his administration decided to invest in the American car companies, some said such a move was bound to fail. But since GM and Chrysler have emerged from bankruptcy, the auto industry has added 55,000 jobs – the strongest growth in 10 years – and for the first time since 2004, all three companies are operating at a profit. The President also called on Republican leaders in the Senate to stop blocking a vote on a bill helping small businesses. Even though this bill will help the recovery, and has been endorsed by groups like the Chamber of Commerce and the National Federation of Independent Business, the Republican Senate leadership continues to hold it hostage to politics by denying an up-or-down vote on the bill.

Hello everyone. I’m speaking to you from the GM auto plant here in Detroit, Michigan, where a hopeful story is unfolding in a place that’s been one of the hardest hit in America.

In the twelve months before I took office, American auto companies lost hundreds of thousands of jobs. Sales plunged 40 percent. Liquidation was a very real possibility. Years of papering over tough problems and failing to adapt to changing times – combined with a vicious economic crisis – brought an industry that’s been the symbol of our manufacturing might for a century to the brink of collapse.

We didn’t have many good options. On one hand, we could have continued the practice of handing out billions of taxpayer dollars to the auto industry with no real strings attached. On the other hand, we could have walked away and allowed two major auto companies to go out of business – which could have wiped out one million American jobs.

I refused to let that happen. So we came up with a third way. We said to the auto companies – if you’re willing to make the hard decisions necessary to adapt and compete in the 21st century, we’ll make a one-time investment in your future.

Of course, if some folks had their way, none of this would be happening at all. This plant might not exist. There were leaders of the “just say no” crowd in Washington who argued that standing by the auto industry would guarantee failure. One called it “the worst investment you could possibly make.” They said we should just walk away and let these jobs go.

Today, the men and women in this plant are proving these cynics wrong. Since GM and Chrysler emerged from bankruptcy, our auto industry has added 55,000 jobs – the strongest period of job growth in more than ten years. For the first time since 2004, all three American automakers are operating at a profit. Sales have begun to rebound. And plants like this that wouldn’t have existed if all of us didn’t act are now operating maximum capacity.

What’s more, thanks to our investments, a lot of these auto companies are reinventing themselves to meet the demands of a new age. At this plant, they’re hard at work building the high-quality, fuel-efficient cars of tomorrow – cars like the plug-in hybrid Chevy Volt that can run 40 miles before taking a sip of gasoline. Throughout Michigan, an advanced battery industry is taking root that will power clean electric cars – an industry that produced only 2 percent of the world’s advanced batteries last year, but will now be able to produce as much as 40 percent in a little over five years. That’s real progress.

There’s no doubt that we have a long way to go and a lot of work to do before folks here and across the country can feel whole again. But what’s important is that we’re finally beginning to see some of the tough decisions we made pay off. And if we had listened to the cynics and the naysayers – if we had simply done what the politics of the moment required – none of this progress would have happened.

Still, even as these icons of American industry are being reborn, we also need to stand shoulder-to-shoulder with America’s small businessmen and women, as well – particularly since they’re the ones who create most of the new jobs in this country.

As we work to rebuild our economy, I can’t imagine anything more common-sense than giving additional tax breaks and badly-needed lending assistance to America’s small business owners so they can grow and hire. That’s what we’re trying to do with the Small Business Jobs Act – a bill that has been praised as being good for small businesses by groups like the Chamber of Commerce and the National Federation of Independent Business. It’s a bill that includes provision after provision authored by both Democrats and Republicans. But yesterday, the Republican leaders in the Senate once again used parliamentary procedures to block it. Understand, a majority of Senators support the plan. It’s just that the Republican leaders in the Senate won’t even allow it to come up for a vote.

That isn’t right. And I’m calling on the Republican leaders in the Senate to stop holding America’s small businesses hostage to politics, and allow an up-or-down vote on this small business jobs bill.

At a time when America is just starting to move forward again, we can’t afford the do-nothing policies and partisan maneuvering that will only take us backward. I won’t stand here and pretend everything’s wonderful. I know that times are tough. But what I also know is that we’ve made it through tough times before. And we’ll make it through again. The men and women hard at work in this plant make me absolutely confident of that.

So to all the naysayers out there, I say this: Don’t ever bet against the American people. Because we don’t take the easy way out. That’s not how we deal with challenge. That’s not how we build this country into the greatest economic power the world has ever known. We did it by summoning the courage to persevere, and adapt, and push this country forward, inch by inch. That’s the spirit I see in this plant today, and as long as I have the privilege of being your President, I will keep fighting alongside you until we reach a better day.
Thanks.

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30
Jul
10

President Obama in Detroit: The Fight for America’s Workers

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President Obama in Detroit: The Fight for America’s Workers
President Obama hails auto bailout as good news in Michigan

Friday, July 30, 2010

Today the President was in Detroit visiting workers at a Chrysler plant and a GM plant that have not only survived, but found success after critics looking to score political points claimed there was no hope for them. For those critics the President offered a lesson: “Don’t bet against the American worker.”

During the two years since the economy took its hard downward turn, millions of Americans have had to fight with everything they had to stay afloat, to keep food on the table, to keep their businesses in business – and nowhere has that been more true than in Detroit.

The President has also been fighting alongside America’s workers – from the Recovery Act that’s saved or created about 3 million jobs, to the fight today over small business lending – and of course for the workers in Detroit and across America who contribute to the decades-old craft of American cars. When political opponents said that helping the American auto industry survive was a lost cause, and tried to turn public frustration against the President, he stepped in and made the hard choices anyway. There couldn’t necessarily be a life raft for everybody, but he was not going to let a million American jobs fall by the wayside simply because it opened him up for cheap political attacks.
And as the report released yesterday made clear, that investment is paying off: “In the year before GM and Chrysler emerged from bankruptcy, the auto industry shed 334,000 jobs. In the year since, auto industry employment has increased by 55,000 jobs. This is the fastest year-over-year growth in auto employment since 1999.” Not only that, but with a boost from the Recovery Act’s investments in the clean energy economy, the industry has turned toward the future in ways many thought they never could. A quick look at the interactive map released yesterday gives a glimpse of how America can move back to the front of the pack in the coming generation of fuel efficient and electric vehicles.

In his visit to the Chrysler Jefferson North Assembly Plant, speaking to workers who have had to fight just to keep working, it was clear the President felt in a bit of a fighting mood himself:

The President: Investments like those mean jobs for American workers to do what they’ve always done: build great products and sell them around the world.

So the bottom line is this – we’ve got a long way to go, but we’re beginning to see some of these tough decisions pay off. We are moving forward.

I want you to remember, though, if some folks had their way, none of this would have been happening. I just want to point that out. Right? I mean this – this plant – this plant and your jobs might not exist. There were leaders of the “just say no” crowd in Washington – they were saying – oh, standing by the auto industry would guarantee failure. One of them called it “the worst investment you could possibly make.”

Audience: Boo!

The President: They said – they said we should just walk way and let those jobs go.

Audience: Boo!

The President: I wish they were standing here today. (Applause.) I wish they could see what I’m seeing in this plant and talk to the workers who are here taking pride in building a world-class vehicle. I don’t think they’d be willing to look you in the eye and say that you were a bad investment. They might just come around if they were standing here and admit that by standing by a great American industry and the good people who work for it, that we did the right thing. It’s hard for them to say that. You know, they like admitting when I do the right thing. (Laughter.) But they might have had to admit it. And I want all of you to know, I will bet on the American worker any day of the week! (Applause.)

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24
Jul
10

Weekly Address: Moving Forward on the Economy vs. Moving Backward

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Weekly Address: Moving Forward on the Economy vs. Moving Backward
President Obama Praises New Wall Street Reform Law; Says GOP Plan Will Take Us Backward

Saturday, July 24, 2010

In this week’s address, President Obama praised the Wall Street reform bill that he signed into law on Wednesday and explained how it fits into the greater strategy to bring the country out of recession and build an economy for the long run. The president’s plan is aimed at strengthening the middle class and gives tax breaks to small businesses that creates jobs here, invests in homegrown, clean energy, and cuts taxes for working families. Unfortunately, when the Republican leader in the House offered his plan to create jobs this week, he presented the same policy ideas that led to this recession – ideas that will kill jobs instead of create them, and will add $1 trillion to the deficit, not reduce it.

This week, I signed into law a Wall Street reform bill that will protect consumers and our entire economy from the recklessness and irresponsibility that led to the worst recession of our lifetime. It’s reform that will help put a stop to the abusive practices of mortgage lenders and credit card companies. It will end taxpayer bailouts of Wall Street firms. And it will finally bring the shadowy deals that caused the financial crisis into the light of day.

Wall Street reform is a key pillar of an overall economic plan we’ve put in place to dig ourselves out of this recession and build an economy for the long run – an economy that makes America more competitive and our middle-class more secure. It’s a plan based on the Main Street values of hard work and responsibility – and one that demands new accountability from Wall Street to Washington.

Instead of giving tax breaks to corporations that ship jobs overseas, we want to give tax breaks to small business owners who are creating jobs right here in America. Already, we’ve given small businesses eight new tax cuts, and have expanded lending to more than 60,000 small business owners.

We’re also investing in a homegrown, clean energy industry – because I don’t want to see new solar panels and wind turbines and electric cars manufactured in some other country. I want to see them made in America, by American workers. So far, we’ve provided new tax credits, loan guarantees, and investments that will lead to more than 800,000 clean energy jobs by 2012. And throughout America, communities are being rebuilt by people working in hundreds of thousands of new private sector jobs repairing our roads, bridges, and railways.

Our economic plan is also aimed at strengthening the middle-class. That’s why we’ve cut taxes for 95% of working families. That’s why we’ve offered tax credits that have made college more affordable for millions of students, and why we’re making a new commitment to our community colleges. And that’s why we passed health insurance reform that will stop insurance companies from dropping or denying coverage based on an illness or pre-existing condition.

This is our economic plan – smart investments in America’s small businesses, America’s clean energy industry, and America’s middle-class. Now, I can’t tell you that this plan will bring back all the jobs we lost and restore our economy to full strength overnight. The truth is, it took nearly a decade of failed economic policies to create this mess, and it will take years to fully repair the damage. But I am confident that we are finally headed in the right direction. We are moving forward. And what we can’t afford right now is to go back to the same ideas that created this mess in the first place.

Unfortunately, those are the ideas we keep hearing from our friends in the other party. This week, the Republican leader in the House of Representatives offered his plan to create jobs. It’s a plan that’s surprisingly short, and sadly familiar.

First, he would repeal health insurance reform, which would take away tax credits from millions of small business owners, and take us back to the days when insurance companies had free rein to drop coverage and jack up premiums. Second, he would say no to new investments in clean energy, after his party already voted against the clean energy tax credits and loans that are creating thousands of new jobs and hundreds of new businesses. And third, even though his party voted against tax cuts for middle-class families, he would permanently keep in place the tax cuts for the very wealthiest Americans – the same tax cuts that have added hundreds of billions to our debt.

These are not new ideas. They are the same policies that led us into this recession. They will not create jobs, they will kill them. They will not reduce our deficit, they will add $1 trillion to our deficit. They will take us backward at a time when we need to keep America moving forward.

I know times are tough. I know that the progress we’ve made isn’t good enough for the millions of Americans who are still out of work or struggling to pay the bills. But I also know the character of this nation. I know that in times of great challenge and difficulty, we don’t fear the future – we shape the future. We harness the skills and ingenuity of the most dynamic country on Earth to reach a better day. We do it with optimism, and we do it with confidence. That’s the spirit we need right now, and that’s the future I know we can build together.
Thank you.

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21
Jul
10

Obama signs historic finance reform bill

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Obama signs historic finance reform bill
Historic financial overhaul signed to law by Obama

Wednesday, July 21, 2010

President Barack Obama on Wednesday signed into law the most sweeping reform of the U.S. finance industry since the 1930s, promising U.S. taxpayers would no longer get the bill for Wall Street excess.

The legislation, which some Republicans have pledged to repeal, introduces new consumer protections, checks the power of big banks and cracks down on deceptive practices by credit card firms.

“Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more tax-funded bailouts,” Obama promised.

Seeking to restore public confidence in his economic leadership as unemployment flirts with double digits, Obama said the bill would repair the fractures and abuses of which the financial meltdown was born.

“It was a crisis born of a failure of responsibility from certain corners of Wall Street to the halls of power in Washington,” said Obama, before adding the legacy-boosting law to his huge health care reform passed earlier this year.

“These reforms represent the strongest consumer financial protections in history,” Obama said, before signing the new law, passed by Congress last week.

“These protections will be enforced by a new consumer watchdog with just one job: looking out for people – not big banks, not lenders, not investment houses.”

The financial reform bill finally squeezed through Congress with just a handful of Republican votes, as the opposition party continued with its policy of trying to block Obama’s ambitious reform program at all costs.

Republican leaders on Wednesday condemned the new law, saying it would crimp growth, and handcuff the might of America’s financial titans.

Republican National Committee chairman Michael Steele accused Obama of trying to convince “sceptical Americans that he is doing everything he can to lower unemployment.”

“President Obama has signed into law a 2300 page behemoth that will saddle the business community with innumerable unintended consequences, tighter credit, and countless job-killing regulations,” Steele said.

Obama, facing record low approval ratings in some polls, hopes the financial reforms will eventually become popular, but much of the bill, like the health care bill, is so complicated that it will not come into force for months.

For instance, it will be up to a year before a new Consumer Financial Protection Bureau is set up to protect American consumers from hidden fees and deceptive lending practices when they get a new mortgage or credit card.

It could be 18 months before new regulations emerge to stop banks from engaging in impermissible proprietary trading and investment in hedge funds – under the Volcker rule, named after former Federal Reserve chief Paul Volcker.

In a bid to highlight the help the bill will grant to the middle classes, Obama was joined at the signing ceremony by several Americans who suffered unfair treatment at the hands of credit card firms and banks.

The legislation closes loopholes in regulations and requires greater transparency and accountability for hedge funds, mortgage brokers and payday lenders, as well as arcane financial instruments called derivatives.

The measure has drawn praise but also skepticism from economists and analysts.

The bill “addresses a number of key weaknesses in the U.S. financial regulatory structure that led to the financial meltdown in 2008 and early 2009,” said Brian Bethune at IHS Global Insight.

But Diane Swonk at Mesirow Financial warned that much of the impact is not known.

“We will have more regulators overseeing – but not necessarily averting – risk, and with a bill so large and undefined, we are likely to get more, in terms of unintended than intended consequences, going forward,” she said.

The law is likely to generate heated debate ahead of congressional elections in November as Republicans call for its reversal.

House Republican leader John Boehner said recently the law “ought to be repealed” and replaced with “common-sense things that we should do to plug the holes in the regulatory system.”
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19
Jul
10

Obama to GOP: Restore unemployment benefits now

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Obama to GOP: Restore unemployment benefits now
President Obama Pushes for Up-or-Down Vote on Help for Our Laid Off Friends & Neighbors

Monday, July 19, 2010

President Barack Obama tore into congressional Republicans on Monday for blocking an extension of unemployment benefits, arguing that a “partisan minority” had allowed short-term political calculations to trump genuine economic need.

The Senate is set to consider a bill Tuesday that would extend the deadline to file for unemployment benefits through the end of November. The bill would cost $33 billion in additional deficit spending, according to the Congressional Budget Office.

“It’s time to stop blocking emergency relief for Americans who are out of work and extend unemployment insurance,” Obama said in a statement issued by the White House.

He accused Senate Republicans for “holding workers laid off in this recession hostage to Washington politics.”

The bill, formally known as Emergency Unemployment Compensation, is a U.S. federal government program which assists states in providing additional weeks of unemployment benefits to workers who have been laid off due to no fault of their own.

The legislation, which has already cleared the House of Representatives on July 1, would retroactively restore benefits to recipients who as early as the end of May may have started losing their benefits. The Senate is scheduled to take up the measure on Tuesday.

Republicans have successfully blocked the bill from clearing the Senate for three times, quoting the additional budgetary burden as their main concern.

Senate Minority Leader Mitch McConnell stressed Sunday that Republicans are “all for extending unemployment insurance” but not in favor of deficit spending.

“They’ve taken the deficit as a percentage of GDP from 3.2 percent to almost 10 percent in a year and a half,” McConnell said on CNN’s “State of the Union.” “Somewhere in the course of spending a trillion dollars, we ought to be able to find enough to pay for a program for the unemployed.”

Obama also urged the Senate to act this week on a package of tax cuts and expanded lending for small businesses, the two other legislative priorities Obama and Democrats agreed to last week following the passage of the financial regulation bill.

Good morning, everybody. Right now, across this country, many Americans are sitting at the kitchen table, they’re scanning the classifieds, they’re updating their resumes or sending out another job application, hoping that this time they’ll hear back from a potential employer. And they’re filled with a sense of uncertainty about where their next paycheck will come from. And I know the only thing that will entirely free them of those worries – the only thing that will fully lift that sense of uncertainty – is the security of a new job.

To that end, we all have to continue our efforts to do everything in our power to spur growth and hiring. And I hope the Senate acts this week on a package of tax cuts and expanded lending for small businesses, where most of America’s jobs are created.

So we’ve got a lot of work to do to make sure that we are digging ourselves out of this tough economic hole that we’ve been in. But even as we work to jumpstart job growth in the private sector, even as we work to get businesses hiring again, we also have another responsibility: to offer emergency assistance to people who desperately need it – to Americans who’ve been laid off in this recession. We’ve got a responsibility to help them make ends meet and support their families even as they’re looking for another job.

That’s why it’s so essential to pass the unemployment insurance extension that comes up for a vote tomorrow. We need to pass it for men like Jim Chukalas, who’s with me here today. Jim worked as a parts manager at a Honda dealership until about two years ago. He’s posted resumes everywhere. He’s gone door-to-door looking for jobs. But he hasn’t gotten a single interview. He’s trying to be strong for his two young kids, but now that he’s exhausted his unemployment benefits, that’s getting harder to do.

We need to pass it for women like Leslie Macko, who lost her job at a fitness center last year and has been looking for work ever since. Because she’s eligible for only a few more weeks of unemployment, she’s doing what she never thought she’d have to do – not at this point, anyway. She’s turning to her father for financial support.

And we need to pass it for Americans like Denise Gibson, who was laid off from a real estate agency earlier this year. Denise has been interviewing for jobs – but so far nothing has turned up. Meanwhile, she’s fallen further and further behind on her rent. And with her unemployment benefits set to expire, she’s worried about what the future holds.

We need to pass it for all the Americans who haven’t been able to find work in an economy where there are five applicants for every opening; who need emergency relief to help them pay the rent and cover their utilities and put food on the table while they’re looking for another job.

And for a long time, there’s been a tradition – under both Democratic and Republican Presidents – to offer relief to the unemployed. That was certainly the case under my predecessor, when Republican senators voted several times to extend emergency unemployment benefits. But right now, these benefits – benefits that are often the person’s sole source of income while they’re looking for work – are in jeopardy.

And I have to say, after years of championing policies that turned a record surplus into a massive deficit, the same people who didn’t have any problem spending hundreds of billions of dollars on tax breaks for the wealthiest Americans are now saying we shouldn’t offer relief to middle-class Americans like Jim or Leslie or Denise, who really need help.

Over the past few weeks, a majority of senators have tried – not once, not twice, but three times – to extend emergency relief on a temporary basis. Each time, a partisan minority in the Senate has used parliamentary maneuvers to block a vote, denying millions of people who are out of work much-needed relief. These leaders in the Senate who are advancing a misguided notion that emergency relief somehow discourages people from looking for a job should talk to these folks.

That attitude I think reflects a lack of faith in the American people, because the Americans I hear from in letters and meet in town hall meetings – Americans like Leslie and Jim and Denise – they’re not looking for a handout. They desperately want to work. Just right now they can’t find a job. These are honest, decent, hardworking folks who’ve fallen on hard times through no fault of their own, and who have nowhere else to turn except unemployment benefits and who need emergency relief to help them weather this economic storm.

Now, tomorrow we will have another chance to offer them that relief, to do right by not just Jim and Leslie and Denise, but all the Americans who need a helping hand right now – and I hope we seize it. It’s time to stop holding workers laid off in this recession hostage to Washington politics. It’s time to do what’s right – not for the next election but for the middle class. We’ve got to stop blocking emergency relief for Americans who are out of work. We’ve got to extend unemployment insurance. We need to pass those tax cuts for small businesses and the lending for small businesses.

Times are hard right now. We are moving in the right direction. I know it’s getting close to an election, but there are times where you put elections aside. This is one of those times. And that’s what I hope members of Congress on both sides of the aisle will do tomorrow.

Thanks very much.

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17
Jul
10

Weekly Address: Filibustering Recovery & Obstructing Progress

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Weekly Address: Filibustering Recovery & Obstructing Progress
President Obama Says GOP Senate Leadership Choosing to “Filibuster Our Recovery and Obstruct Our Progress”

Saturday, July 17, 2010

In this week’s address, the President criticized the Republican leadership in the Senate for opposing initiatives which that would create jobs and strengthen the economy like cutting taxes for small businesses and extending unemployment insurance for Americans who have lost their jobs during the recession. Aiding small businesses and renewing unemployment insurance are not just the right things to do for those hit hardest by the recession, they are steps that will help strengthen the recovery. When crises strike Main Street, the President believes it’s important to put aside politics and act in the best interests of American families and small businesses.

This week, many of our largest corporations reported robust earnings – a positive sign of growth.

But too many of our small business owners and those who aspire to start their own small businesses continue to struggle, in part because they can’t get the credit they need to start up, grow, and hire. And too many Americans whose livelihoods have fallen prey to the worst recession in our lifetimes – a recession that cost our economy eight million jobs – still wonder how they’ll make ends meet.

That’s why we need to take new, commonsense steps to help small businesses, grow our economy, and create jobs – and we need to take them now.

For months, that’s what we’ve been trying to do. But too often, the Republican leadership in the United States Senate chooses to filibuster our recovery and obstruct our progress. And that has very real consequences.

Consider what that obstruction means for our small businesses – the growth engines that create two of every three new jobs in this country. A lot of small businesses still have trouble getting the loans and capital they need to keep their doors open and hire new workers. So we proposed steps to get them that help: Eliminating capital gains taxes on investments. Establishing a fund for small lenders to help small businesses. Enhancing successful SBA programs that help them access the capital they need.

But again and again, a partisan minority in the Senate said “no,” and used procedural tactics to block a simple, up-or-down vote.

Think about what these stalling tactics mean for the millions of Americans who’ve lost their jobs since the recession began. Over the past several weeks, more than two million of them have seen their unemployment insurance expire. For many, it was the only way to make ends meet while searching for work – the only way to cover rent, utilities, even food.

Three times, the Senate has tried to temporarily extend that emergency assistance. And three times, a minority of Senators – basically the same crowd who said “no” to small businesses – said “no” to folks looking for work, and blocked a straight up-or-down vote.

Some Republican leaders actually treat this unemployment insurance as if it’s a form of welfare. They say it discourages folks from looking for work. Well, I’ve met a lot of folks looking for work these past few years, and I can tell you, I haven’t met any Americans who would rather have an unemployment check than a meaningful job that lets you provide for your family. And we all have friends, neighbors, or family members who already knows how hard it is to land a job when five workers are competing for every opening.

Now in the past, Presidents and Congresses of both parties have treated unemployment insurance for what it is – an emergency expenditure. That’s because an economic disaster can devastate families and communities just as surely as a flood or tornado.

Suddenly, Republican leaders want to change that. They say we shouldn’t provide unemployment insurance because it costs money. So after years of championing policies that turned a record surplus into a massive deficit, including a tax cut for the wealthiest Americans, they’ve finally decided to make their stand on the backs of the unemployed. They’ve got no problem spending money on tax breaks for folks at the top who don’t need them and didn’t even ask for them; but they object to helping folks laid off in this recession who really do need help. And every day this goes on, another 50,000 Americans lose that badly needed lifeline.

Well, I think these Senators are wrong. We can’t afford to go back to the same misguided policies that led us into this mess. We need to move forward with the policies that are leading us out of this mess.

The fact is, most economists agree that extending unemployment insurance is one of the single most cost-effective ways to help jumpstart the economy. It puts money into the pockets of folks who not only need it most, but who also are most likely to spend it quickly. That boosts local economies. And that means jobs.

Increasing loans to small business. Renewing unemployment insurance. These steps aren’t just the right thing to do for those hardest hit by the recession – they’re the right thing to do for all of us. And I’m calling on Congress once more to take these steps on behalf of America’s workers, and families, and small business owners – the people we were sent here to serve.

Because when storms strike Main Street, we don’t play politics with emergency aid. We don’t desert our fellow Americans when they fall on hard times. We come together. We do what we can to help. We rebuild stronger, and we move forward. That’s what we’re doing today. And I’m absolutely convinced that’s how we’re going to come through this storm to better days ahead.

Thanks.

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03
Jul
10

Schwarzenegger’s minimum wage plan foiled by old technology

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Schwarzenegger’s minimum wage plan foiled by old technology

Saturday, July 3, 2010

Governor Arnold Schwarzenegger’s attempt to impose the federal minimum wage on state workers is being foiled by California’s out-of-date technology.

This week, a state appellate court sided with the Republican governor in his attempt to force 200,000 state workers to be paid $7.25 an hour while California’s budget impasse drags on.

But state Controller John Chiang says he can’t comply because the changeover is too complex for the state’s computerised payroll system. The system was designed more than 60 years ago and was last revamped in 1970.

Technology experts say the system could be updated to accommodate Schwarzenegger’s order, but it would take months to do so.

The controller’s office says it would take another six months to reprogram the system again once a state budget is eventually signed.
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03
Jul
10

Weekly Address: A Solar Recovery

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Weekly Address: A Solar Recovery
President Obama Touts Nearly $2 Billion in New Investments to Help Build a Clean Energy Economy

Saturday, July 3, 2010

In this week’s address, President Barack Obama announced that the Department of Energy is awarding nearly $2 billion in conditional commitments from the Recovery Act to two solar companies. Abengoa Solar has agreed to build one of the largest solar plants in the world in Arizona, which will create about 1,600 construction jobs with over 70 percent of the construction components and products manufactured here in the USA. When completed, this plant will provide enough clean energy to power 70,000 homes. And, Abound Solar Manufacturing is building two new plants, one in Colorado and one in Indiana. These projects will create more than 2,000 construction jobs, and over 1,500 permanent jobs as the plants produce millions of state of the art solar panels each year.

This week, I spent some time in Racine, Wisconsin, talking with folks who are doing their best to cope with the aftermath of a brutal recession.

And while I was there, a young woman asked me a question I hear all the time: “What are we doing as a nation to bring jobs back to this country?”

Well, on Friday, we learned that after 22 straight months of job loss, our economy has now created jobs in the private sector for 6 months in a row. That’s a positive sign. But the truth is, the recession from which we’re emerging has left us in a hole that’s about 8 million jobs deep. And as I’ve said from the day I took office, it’s going to take months, even years, to dig our way out – and it’s going to require an all-hands-on-deck effort.

In the short term, we’re fighting to speed up this recovery and keep the economy growing by all means possible. That means extending unemployment insurance for workers who lost their job. That means getting small businesses the loans they need to keep their doors open and hire new workers. And that means sending relief to states so they don’t have to lay off thousands of teachers and firefighters and police officers.

Still, at a time when millions of Americans feel a deep sense of urgency in their own lives, Republican leaders in Washington just don’t get it. While a majority of Senators support taking these steps to help the American people, some are playing the same old Washington games and using their power to hold this relief hostage – a move that only ends up holding back our recovery. It doesn’t make sense.

But I promised those folks in Wisconsin – and I promise all of you – that we won’t back down. We’re going to keep fighting to advance our recovery. And we’re going to keep competing aggressively to make sure the jobs and industries of the future are taking root right here in America.

That’s one of the reasons why we’re accelerating the transition to a clean energy economy and doubling our use of renewable energy sources like wind and solar power – steps that have the potential to create whole new industries and hundreds of thousands of new jobs in America.

In fact, today, I’m announcing that the Department of Energy is awarding nearly $2 billion in conditional commitments to two solar companies.

The first is Abengoa Solar, a company that has agreed to build one of the largest solar plants in the world right here in the United States. After years of watching companies build things and create jobs overseas, it’s good news that we’ve attracted a company to our shores to build a plant and create jobs right here in America. In the short term, construction will create approximately 1,600 jobs in Arizona. What’s more, over 70 percent of the components and products used in construction will be manufactured in the USA, boosting jobs and communities in states up and down the supply chain. Once completed, this plant will be the first large-scale solar plant in the U.S. to actually store the energy it generates for later use – even at night. And it will generate enough clean, renewable energy to power 70,000 homes.

The second company is Abound Solar Manufacturing, which will manufacture advanced solar panels at two new plants, creating more than 2,000 construction jobs and 1,500 permanent jobs. A Colorado plant is already underway, and an Indiana plant will be built in what’s now an empty Chrysler factory. When fully operational, these plants will produce millions of state-of-the-art solar panels each year.

These are just two of the many clean energy investments in the Recovery Act. Already, I’ve seen the payoff from these investments. I’ve seen once-shuttered factories humming with new workers who are building solar panels and wind turbines; rolling up their sleeves to help America win the race for the clean energy economy.

So that’s some of what we’re doing. But the truth is, steps like these won’t replace all the jobs we’ve lost overnight. I know folks are struggling. I know this Fourth of July weekend finds many Americans wishing things were a bit easier right now. I do too.

But what this weekend reminds us, more than any other, is that we are a nation that has always risen to the challenges before it. We are a nation that, 234 years ago, declared our independence from one of the greatest empires the world had ever known. We are a nation that mustered a sense of common purpose to overcome Depression and fear itself. We are a nation that embraced a call to greatness and saved the world from tyranny. That is who we are – a nation that turns times of trial into times of triumph – and I know America will write our own destiny once more.

I wish every American a safe and happy Fourth of July. And to all our troops serving in harm’s way, I want you to know you have the support of a grateful nation and a proud Commander-in-Chief. Thank you, God Bless You, and God Bless the United States of America.

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26
Jun
10

Weekly Address: Finishing the Job on Wall Street Reform

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Weekly Address: Finishing the Job on Wall Street Reform
President Obama Urges Congress to Complete Work on Wall Street Reform Bill

Saturday, June 26, 2010

In this week’s address, President Barack Obama asks Congress to pass historic Wall Street reform which will make the toughest financial reforms since the Great Depression the law of the land. The Wall Street reform bill, which reflects 90 percent of what the President originally proposed, includes the strongest consumer financial protections in history with an independent agency to enforce them. It ensures that the trading of derivatives, which helped trigger the crisis, will be brought into the light of day, and enacts the “Volcker Rule,” which will make sure banks protected by safety nets like the FDIC cannot engage in risky trades. And, this bill will create a resolution authority to wind down firms whose collapse would threaten the entire financial system. Wall Street reform will end taxpayer funded bailouts and make sure Main Street is never again held responsible for Wall Street’s mistakes.

This weekend, I’m traveling to Toronto to meet with members of the G20. There, I hope we can build on the progress we made at last year’s G20 summits by coordinating our global financial reform efforts to make sure a crisis like the one from which we are still recovering never happens again. We’ve made great progress toward passing such reform here at home. As I speak, we are on the cusp of enacting the toughest financial reforms since the Great Depression.

I don’t have to tell you why these reforms are so important. We’re still digging ourselves out of an economic crisis that happened largely because there wasn’t strong enough oversight on Wall Street. We can’t build a strong economy in America over the long-run without ending this status quo, and laying a new foundation for growth and prosperity.

That’s what the Wall Street reforms currently making their way through Congress will help us do – reforms that represent 90% of what I proposed when I took up this fight. We’ll put in place the strongest consumer financial protections in American history, and create an independent agency with an independent director and an independent budget to enforce them.

Credit card companies will no longer be able to mislead you with pages and pages of fine print. You will no longer be subject to all kinds of hidden fees and penalties, or the predatory practices of unscrupulous lenders.

Instead, we’ll make sure credit card companies and mortgage companies play by the rules. And you’ll be empowered with easy-to-understand forms, and the clear and concise information you need to make the financial decisions that are best for you and your family.

Wall Street reform will also strengthen our economy in a number of other ways. We’ll make our financial system more transparent by bringing the kinds of complex trades that helped trigger this crisis – trades in a $600 trillion derivatives market – finally into the light of day.

We’ll enact what’s called the Volcker Rule to make sure banks protected by a safety net like the FDIC can’t engage in risky trades for their own profit. We’ll create what’s called a resolution authority to help wind down firms whose collapse would threaten our entire financial system. Put simply, we’ll end the days of taxpayer-funded bailouts, and help make sure Main Street is never again held responsible for Wall Street’s mistakes.

Beyond these reforms, we also need to address another piece of unfinished business. We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis – so we can recover every dime of taxpayer money.

Getting this far on Wall Street reform hasn’t been easy. There are those who’ve fought tooth and nail to preserve the status quo. In recent months, they’ve spent millions of dollars and hired an army of lobbyists to stop reform dead in its tracks.

But because we refused to back down, and kept fighting, we now stand on the verge of victory. And I urge Congress to take us over the finish line, and send me a reform bill I can sign into law, so we can empower our people with consumer protections, and help prevent a financial crisis like this from ever happening again.

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23
Jun
10

President Obama on Afghanistan, General McChrystal & General Petraeus

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President Obama on Afghanistan, General McChrystal & General Petraeus

Obama relieves McChrystal of command
Gen. David Petraeus named to take over troubled Afghan war

Wednesday, June 23, 2010

The White House says the top U.S. commander in Afghanistan made an ‘enormous mistake’ in an unflattering magazine article, and ‘all options are on the table’ with regard to General Stanley McChrystal’s job.

White House press secretary Robert Gibbs repeatedly refused on Tuesday to say that McChrystal is safe in his post or could be considered by President Barack Obama to continue as an effective commander in Afghanistan.

The president summoned McChrystal to Washington to attend, in person, on Wednesday a meeting on the war and explain the comments in the story.
“We’ll have more to say after that meeting,” Gibbs said of McChrystal’s future.

In one part of the story, McChrystal complained about Obama’s preparedness in one of their first meetings. Gibbs responded tartly to that: “He’ll have his undivided attention tomorrow.”

This afternoon the President spoke on new leadership for the mission in Afghanistan, full remarks below:

Good afternoon. Today I accepted General Stanley McChrystal’s resignation as commander of the International Security Assistance Force in Afghanistan. I did so with considerable regret, but also with certainty that it is the right thing for our mission in Afghanistan, for our military, and for our country.

I’m also pleased to nominate General David Petraeus to take command in Afghanistan, which will allow us to maintain the momentum and leadership that we need to succeed.

I don’t make this decision based on any difference in policy with General McChrystal, as we are in full agreement about our strategy. Nor do I make this decision out of any sense of personal insult. Stan McChrystal has always shown great courtesy and carried out my orders faithfully. I’ve got great admiration for him and for his long record of service in uniform.

Over the last nine years, with America fighting wars in Iraq and Afghanistan, he has earned a reputation as one of our nation’s finest soldiers. That reputation is founded upon his extraordinary dedication, his deep intelligence, and his love of country. I relied on his service, particularly in helping to design and lead our new strategy in Afghanistan. So all Americans should be grateful for General McChrystal’s remarkable career in uniform.

But war is bigger than any one man or woman, whether a private, a general, or a president. And as difficult as it is to lose General McChrystal, I believe that it is the right decision for our national security.

The conduct represented in the recently published article does not meet the standard that should be set by a commanding general. It undermines the civilian control of the military that is at the core of our democratic system. And it erodes the trust that’s necessary for our team to work together to achieve our objectives in Afghanistan.

My multiple responsibilities as Commander-in-Chief led me to this decision. First, I have a responsibility to the extraordinary men and women who are fighting this war, and to the democratic institutions that I’ve been elected to lead. I’ve got no greater honor than serving as Commander-in-Chief of our men and women in uniform, and it is my duty to ensure that no diversion complicates the vital mission that they are carrying out.

That includes adherence to a strict code of conduct. The strength and greatness of our military is rooted in the fact that this code applies equally to newly enlisted privates and to the general officer who commands them. That allows us to come together as one. That is part of the reason why America has the finest fighting force in the history of the world.

It is also true that our democracy depends upon institutions that are stronger than individuals. That includes strict adherence to the military chain of command, and respect for civilian control over that chain of command. And that’s why, as Commander-in-Chief, I believe this decision is necessary to hold ourselves accountable to standards that are at the core of our democracy.

Second, I have a responsibility to do what is – whatever is necessary to succeed in Afghanistan, and in our broader effort to disrupt, dismantle, and defeat al Qaeda. I believe that this mission demands unity of effort across our alliance and across my national security team. And I don’t think that we can sustain that unity of effort and achieve our objectives in Afghanistan without making this change. That, too, has guided my decision.I’ve just told my national security team that now is the time for all of us to come together. Doing so is not an option, but an obligation. I welcome debate among my team, but I won’t tolerate division. All of us have personal interests; all of us have opinions. Our politics often fuels conflict, but we have to renew our sense of common purpose and meet our responsibilities to one another, and to our troops who are in harm’s way, and to our country.

We need to remember what this is all about. Our nation is at war. We face a very tough fight in Afghanistan. But Americans don’t flinch in the face of difficult truths or difficult tasks. We persist and we persevere. We will not tolerate a safe haven for terrorists who want to destroy Afghan security from within, and launch attacks against innocent men, women, and children in our country and around the world.

So make no mistake: We have a clear goal. We are going to break the Taliban’s momentum. We are going to build Afghan capacity. We are going to relentlessly apply pressure on al Qaeda and its leadership, strengthening the ability of both Afghanistan and Pakistan to do the same.

That’s the strategy that we agreed to last fall; that is the policy that we are carrying out, in Afghanistan and Pakistan.

In that effort, we are honored to be joined by allies and partners who have stood by us and paid the ultimate price through the loss of their young people at war. They are with us because the interests and values that we share, and because this mission is fundamental to the ability of free people to live in peace and security in the 21st century.

General Petraeus and I were able to spend some time this morning discussing the way forward. I’m extraordinarily grateful that he has agreed to serve in this new capacity. It should be clear to everybody, he does so at great personal sacrifice to himself and to his family. And he is setting an extraordinary example of service and patriotism by assuming this difficult post.

Let me say to the American people, this is a change in personnel but it is not a change in policy. General Petraeus fully participated in our review last fall, and he both supported and helped design the strategy that we have in place. In his current post at Central Command, he has worked closely with our forces in Afghanistan. He has worked closely with Congress. He has worked closely with the Afghan and Pakistan governments and with all our partners in the region. He has my full confidence, and I am urging the Senate to confirm him for this new assignment as swiftly as possible.

Let me conclude by saying that it was a difficult decision to come to the conclusion that I’ve made today. Indeed, it saddens me to lose the service of a soldier who I’ve come to respect and admire. But the reasons that led me to this decision are the same principles that have supported the strength of our military and our nation since the founding.

So, once again, I thank General McChrystal for his enormous contributions to the security of this nation and to the success of our mission in Afghanistan. I look forward to working with General Petraeus and my entire national security team to succeed in our mission. And I reaffirm that America stands as one in our support for the men and women who defend it.

Thank you very much.

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19
Jun
10

Weekly Address: Republicans Blocking Progress

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Weekly Address: Republicans Blocking Progress
President Obama Says Republicans in Congress Blocking Important Progress

Saturday, June 19, 2010

In this week’s address, President Barack Obama called on Congress to put scoring political points aside, and instead to focus on solving the problems facing the nation. The Republican leadership is currently blocking progress on a bill to boost the economy, retain jobs for teachers and cops, and help people buy their first home; another bill which would hold oil companies accountable for any disasters they cause by removing the current $75 million liability cap; and 136 highly qualified men and women who have been nominated to government positions. In these challenging times, elected leaders in Washington need to remember that they have an obligation that goes beyond upcoming elections – an obligation to care for the next generation.

At this moment, our nation is facing a host of big and difficult challenges. And more than anything else, what’s required to meet those challenges right now is a sense of cooperation and common purpose among our leaders. What we need is a willingness in Washington to put the public’s interests first – a willingness to score fewer political points so that we can start solving more problems.

That’s why I was disappointed this week to see a dreary and familiar politics get in the way of our ability to move forward on a series of critical issues that have a direct impact on people’s lives.

In the United States Senate, we have legislation that would boost our economic recovery and help Americans who’ve been affected by the worst recession in generations. We’ve certainly made progress since we were losing 750,000 jobs per month around the time I took office. Our economy is growing again, and we’ve added jobs for five straight months. But there are still millions of Americans out of work, and millions more who are struggling to pay the bills. The legislation in the Senate right now would extend unemployment benefits to those workers who lost their job through no fault of their own. It would provide relief to struggling states that would help save the jobs of thousands of teachers and cops and firefighters. There are also provisions in this legislation that would extend the tax credit for first-time homebuyers, as well as tax cuts to keep research and development jobs here in the United States.

Unfortunately, the Republican leadership in the Senate won’t even allow this legislation to come up for a vote. And if this obstruction continues, unemployed Americans will see their benefits stop. Teachers and firefighters will lose their jobs. Families will pay more for their first home.

All we ask for is a simple up or down vote. That’s what the American people deserve. Just like they deserve an up or down vote on legislation that would hold oil companies accountable for the disasters they cause – a vote that is also being blocked by the Republican leadership in the Senate. Right now, the law places a $75 million cap on the amount oil companies must pay to families and small businesses who suffer economic losses as a result of a spill like the one we’re witnessing in the Gulf Coast. We should remove that cap. But the Republican leadership won’t even allow a debate or a vote.

And as we speak today, 136 men and women who I’ve nominated for key positions in the federal government are awaiting a vote on the floor of the Senate. All are highly qualified. Very few are controversial. The vast majority already have support from both parties. But most of them are seeing their nominations intentionally delayed by Republican leaders, or even blocked altogether. They cannot get a vote. What this means is that, at a moment when our country is facing so many challenges – a time when we need all hands on deck – we cannot get the qualified people we need to start the jobs they were appointed to do.

Look, the nature of our democracy is that we’ll always have disagreements and debates – even heated ones. That’s healthy and it’s important. But let’s argue over genuine differences – over ideas and policies. And let’s go into those debates with an open mind – a willingness to find common ground and a conviction that, in the end, one way or another, we will have a vote to decide them. Next week, I’ll be meeting with a bipartisan group of Senators to discuss how we can transition away from our dependence on fossil fuels and embrace a clean energy future. I don’t expect that we’ll agree on a solution right away. In fact, I know that there will be plenty of disagreement and different ideas. But at least it shows that Republicans and Democrats can still sit down together in an attempt to tackle the big challenges facing our nation.

I know the political season is upon us in Washington. But gridlock as a political strategy is destructive to the country. Whether we are Democrats or Republicans, we’ve got an obligation that goes beyond caring about the next election. We have an obligation to care for the next generation. So I hope that when Congress returns next week, they do so with a greater spirit of compromise and cooperation. America will be watching.

Thanks.

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04
Jun
10

Job creation is still Photo ‘Bleak’

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Job creation is still Photo ‘Bleak’

Friday, June 4, 2010

U.S. job creation by private companies grew at the slowest pace of the year in May, even while the hiring of temporary census workers drove overall payrolls up 431,000.

The unemployment rate dipped to 9.7 percent as many people gave up searching for work.

The Labor Department’s new employment snapshot released on Friday suggested that outside of the burst of hiring of temporary census workers by the federal government many private employers are wary of bulking up their work forces.

That indicates the economic recovery may not bring relief fast enough for millions of Americans who are unemployed.

Virtually all the job creation in May came from the hiring of 411,000 census workers.

Such hiring peaked in May and will begin tailing off in June.

By contrast, hiring by private employers, the backbone of the economy, slowed sharply.

They added just 41,000 jobs, down from 218,000 in April and the fewest since January.

‘Although the economic outlook is improving, the recovery is still pretty tepid,’ said Paul Ashworth, senior U.S. economist at Capital Economics.

President Barack Obama acknowledged that temporary census jobs drove the overall payroll gain. But he said private sector hiring is growing.

He noted five straight months of job gains after devastating losses from the recession.

He said the recovery is still in its early stages, and that it will be uneven in the months ahead.

‘Things never go completely in a smooth line,’ Obama said during a speech on Friday.

‘This report is a sign that our economy is getting stronger by the day.’

However, Wall Street took the report as a disappointing setback.

Many investors had grown optimistic in recent days that the economy was gaining strength and that would be reflected in the May employment data.

They hoped a strong U.S. jobs report would put aside some concerns that Europe’s debt crisis could upset the U.S. recovery.

The weak private-hiring data sent a reminder that economic obstacles at home and abroad remain.

The Dow Jones industrial average tumbled about 180 points, or 1.8 percent, in mid-morning trading.

As stock prices sink, consumers may become more reluctant to spend more.

And if consumer spending falters, employers could become even more reluctant to ramp up hiring.

The unemployment rate, which is derived from a separate survey than the payroll figures, fell to 9.7 percent from 9.9 percent.

The dip partly reflected 322,000 people leaving the labour force for a variety of reasons.

All told, 15 million people were unemployed in May.

Counting people who have given up looking for work and part-timers who would rather be working full time, the ‘underemployment’ rate fell to 16.6 percent in May from 17.1 percent in April.

That reflected fewer people forced into part-time work.

Still, the high underemployment figure shows how difficult it is for jobseekers to find work.

The number of people out of work six months or longer reached 6.76 million in May, a new high.

They made up 46 percent of all unemployed people, also a record high.

Employers across a range of industries last month added jobs at a slower pace – or cut them.

Factories, professional and business services, leisure and hospitality companies, and education and health care firms all slowed hiring.

Financial services, construction companies and retailers all pared jobs.

Government, however, led the way in hiring, adding a whopping 390,000 positions last month.

Job gains in April were the same as first reported, while payrolls in March were slightly less – 208,000 versus 230,000.
» Related: President Obama on the May Jobs Numbers
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07
May
10

President Obama on April Jobs Numbers

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President Obama on April Jobs Numbers

Friday, May 7, 2010

U.S. nonfarm payrolls rose by 290,000 last month – the largest one month employment gain since March 2006 – but the unemployment rate rose from 9.7 percent to 9.9 percent as idled American that hadn’t been counted as part of the work force resumed looking for jobs.

Jobs were added in manufacturing, professional and business services, health care, and leisure and hospitality, the U.S. Bureau of Labor Statistics reported Friday.

Federal government employment also rose nationwide last month, reflecting the hiring of 66,000 temporary workers for the Census 2010.

Nationwide, manufacturing added 44,000 jobs last month, mining added 7,000 and construction added 14,000. Professional and business services rose by 80,000 and health-care employment grew by 20,000. Over the month there was little change in employment in wholesale trade, retail trade, information, and financial activities, while employment in transportation and warehousing dropped by 20,000, reflecting a large decline in courier and messenger services.

Since December, nonfarm payroll employment has increased by 573,000 nationwide, with 483,000 jobs added in the private sector.

Remarks by the President on the Monthly Jobs Numbers

All right. Good morning, everybody. On what seems like a daily basis, we’re barraged with statistics and forecasts and reports and data related to the health of the economy. But from the first days of this administration, amidst the worst economic crisis since the Great Depression, I’ve said that the truest measure of progress would be whether or not we were creating jobs. That’s what matters in people’s lives. What matters is whether someone who needs a job can find work – whether people can provide for their families and save for the future and achieve some measure of economic security.

Everything we’ve done has been with this goal in mind. And today, I’m happy to report that we received some very encouraging news. In April, the economy added 290,000 jobs, with the vast majority – approximately 230,000 – coming from the private sector. This is the largest monthly increase in four years. And we created 121,000 more jobs in February and March than previously estimated, which means we’ve now seen job growth for four months in a row. These numbers are particularly heartening when you consider where we were a year ago, with an economy in freefall. At the height of the downturn, around the time that I took office, we were losing an average of 750,000 jobs per month.

So this news comes on the heels of a report last week that the overall output of our economy – our GDP – is increasing. We now know that the economy has been growing for the better part of a year. And this steady growth is starting to give businesses the confidence to expand and to hire new people.

I should also note that the unemployment rate ticked up slightly from 9.7 to 9.9 [percent]. Given the strength of these job numbers, this may seem contradictory, but this increase is largely a reflection of the fact that workers who had dropped out of the workforce entirely are now seeing jobs again and – are now seeking jobs again, encouraged by better prospects.

Now, I want to emphasize: The economic crisis we’ve faced has inflicted a lot of damage on families and businesses across our country, and it’s going to take time to repair and rebuild. Over the course of this recession, more than 8 million jobs were lost. So there are a lot of people out there who are still experiencing real hardship. And we’ve got to be mindful that today’s jobs numbers, while welcome, leave us with a lot of work to do. It’s going to take time to achieve the strong and sustained job growth that is necessary. And of course, long before this recession hit, for a decade middle-class families had been experiencing a sense of declining economic security.

So, yes, we’ve got a ways to go. But we’ve also come a very long way. And we can see that the difficult and at times unpopular steps that we’ve taken over the past year are making a difference. Productivity is up. The hours people are working are up. Both are signs the company may be hiring more workers in the months to come. We saw the largest increase in manufacturing employment since 1998. And we can see the benefits of our Recovery Act in the strong employment reports from construction and other sectors, where we’ve made key investments in creating and saving jobs.

Of course, there are limits to what the government can do. The true engine of job growth in this country will always be the private sector. That’s why we are very pleased to see the strong employment growth on the private sector side.

What government can do is help create the conditions for companies to hire again. What it can do is build the infrastructure and offer the incentives that will allow small businesses to add workers, that will help entrepreneurs take a chance on an idea, that will lead manufacturers to set up shop not overseas but right here in United States of America.

And that’s what we’ve been doing. Right now, a series of tax incentives and other steps to promote hiring are taking effect. Because of a bill I signed into law a few weeks ago, businesses are now eligible for tax cuts for hiring unemployed workers. Companies are also able to write off more of their investments in new equipment. And we’re spurring additional investments in school renovation, clean energy projects, and road construction, which will create jobs while laying a new foundation for lasting growth.

In addition, as part of health reform, 4 million small businesses recently received a postcard in their mailbox telling them that they’re eligible for a health care tax cut this year. It’s worth perhaps tens of thousands of dollars to each of these companies. And it will provide welcome relief to small business owners, who too often have to choose between health care and hiring.

So that’s what’s already come online. But we still have more to do. In my State of the Union address, I called for a $30 billion small business lending fund, which would help increase the flow of credit to small companies that were hit hard by the decline in lending that followed the financial crisis. And obviously small businesses are a major source of job creation.

This morning, we sent draft legislation to Congress on this fund, which now includes a new state small business credit initiative. This state initiative, which was designed with the help of governors and members of both the House and the Senate, will help expand lending for small businesses and manufacturers at a time when budget shortfalls are leading states to cut back on vitally important lending programs.

In addition, with state and local governments facing huge budget gaps, we’re seeing layoffs of teachers, police officers, firefighters, and other essential public servants – which not only harms the economy, but also the community and the economy as a whole. So we are working with Congress to find ways to keep our teachers in the classrooms, the police officers on the beat, and firefighters on call.

A few months ago, I also proposed giving people rebates to upgrade the energy efficiencies of their home. This will not only save families money, it will create jobs in the hard-hit construction and manufacturing sectors, since things like windows and insulation are overwhelmingly made in the United States of America. I was gratified to see a bipartisan vote to pass this proposal, called “Home Star,” in the House of Representatives yesterday. I’m calling on the Senate to act as well. And I’m urging Congress to expand the clean energy manufacturing tax credit, which is helping create jobs across America building wind turbines and solar panels.

Even as we take these steps to increase hiring in the short and long run, we’re also mindful of other economic factors that can emerge. So I want to speak to the unusual market activity that took place yesterday on Wall Street. The regulatory authorities are evaluating this closely, with a concern for protecting investors and preventing this from happening again. And they will make findings of their review public along with recommendations for appropriate action.

I also spoke this morning with German Chancellor Merkel regarding economic and financial developments in Europe. We agreed on the importance of a strong policy response by the affected countries and a strong financial response from the international community. I made clear that the United States supports these efforts and will continue to cooperate with European authorities and the IMF during this critical period.

So this week’s job numbers comes as a relief to Americans who found a job. But it offers obviously little comfort to those who are still out of work. So, to those who are out there still looking, I give you my word that I’m going to keep fighting every single day to create jobs and opportunities for people. Every one of my team that’s standing alongside me here has the same sense of mission. We’re not going to rest until we’ve put this difficult chapter behind us. And I won’t rest until you, and millions of your neighbors caught up in these storms, are able to find a good job and reach a brighter day.

Thank you very much, everybody.

• Source(s): The White House
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29
Apr
10

Protesters enter NYC bank buildings before rally

NEWS
Protesters enter NYC bank buildings before rally

Thursday, April 29, 2010

Noisy protesters with signs took over three bank building lobbies on Thursday in a prelude to a Wall Street rally by workers and union leaders angry over lost jobs, the taxpayer-funded bailout of financial institutions and questionable lending practices by big banks.

Hours before the scheduled rally, more than 100 people entered a midtown Manhattan building housing JPMorgan Chase offices. They handed a bank executive a letter requesting a meeting with the CEO, and chanted ‘Bust up big banks!’ and ‘People power!’
A half-hour later, they were calmly escorted outside by officers, who remained expressionless as the protesters chanted, ‘The police need a raise.’

They then walked a few blocks down Park Avenue and crowded into a Wells Fargo and Wachovia building lobby. Police arrived on horseback as curious office workers watched the scene unfold from their windows.
‘We’re here today to stop the corporate greed that is ruining our neighbourhoods,’ said Andrea Goldman, 59, who’s part of a group called Alliance to Develop Power.

Sign slogans included: ‘Save Our Jobs’ and ‘Save Our Homes’.

The banks did not immediately respond to requests for comment.

Thousands of workers and union members were expected at the rally, organised by the AFL-CIO, the largest federation of North American labour unions, and an association of community groups.

The Securities Industry and Financial Markets Association, which includes many Wall Street financial institutions, declined to comment.

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24
Apr
10

Weekly Address: Good News from the Auto Industry

NEWS
Weekly Address: Good News from the Auto Industry

President Obama Says Promising News From the Auto Industry Doesn’t Reduce Need for Wall Street Reform

Saturday, April 24, 2010

In his weekly address, President Obama said that while the government is ending many of emergency programs put in place to stabilize the financial sector and restart lending, Wall Street reform remains urgently needed. General Motors announced that it has repaid its loan to taxpayers with interest five years ahead of schedule, and Chrysler Financial has already fully repaid with interest its loan as well. While this is good news, it is also a reminder that the crisis in the auto industry was caused in part by problems in the financial sector. To help prevent another crisis, Congress needs to enact reforms to hold Wall Street accountable and protect consumers.

It was little more than one year ago that our country faced a potentially devastating crisis in our auto industry. Over the course of 2008, the industry shed 400,000 jobs. In the midst of a financial crisis and deep recession, both General Motors and Chrysler – two companies that for generations were a symbol of America’s manufacturing might – were on the brink of collapse. The rapid dissolution of these companies – followed by the certain failure of many auto parts makers, car dealers, and other smaller businesses – would have dealt a crippling blow to our already suffering economy. The best estimates are that more than one million American workers could have lost their jobs.

The previous administration extended temporary loans to both companies. Even so, when I took office, the situation remained dire. We had to determine whether or not we could justify additional taxpayer assistance. After all, many of the problems in the auto industry were a direct result of poor management decisions over decades. So it wasn’t an easy call. But we decided that while providing additional assistance was a risk, the far greater risk to families and communities across our country was to do nothing. We agreed to additional help, but only if the companies and their stakeholders were willing to break with the past. They had to fundamentally reorganize, with new management that would reexamine the decisions that led to this mess and chart a path toward viability. I knew this wasn’t a popular decision. But it was the right one.

So, GM and Chrysler went through painful restructurings: ones that required enormous sacrifices on the part of all involved. Many believed this was a fool’s errand. Many feared we would be throwing good money after bad: that taxpayers would lose most of their investment and that these companies would soon fail regardless. But one year later, the outlook is very different. In fact, the industry is recovering at a pace few thought possible.

Just this week we received some encouraging news. Since General Motors emerged from bankruptcy, the auto industry has actually added 45,000 jobs – the strongest growth in a decade. And Chrysler announced an operating profit in the first three months of this year. This is the first time Chrysler has reported a profit since the beginning of the economic crisis. What’s more, GM announced that it paid back its loans to taxpayers with interest, fully five years ahead of schedule. It won’t be too long before the stock the Treasury is holding in GM can be sold, helping to reimburse the American people for their investment.

In addition, Chrysler Financial has already fully repaid with interest the loans it received to support auto financing. And we are closing the books on the temporary program that helped parts suppliers weather this storm – returning this investment to the Treasury in full, with interest, as well. Finally, we are bringing to an end many of the emergency programs designed to stabilize the financial sector and restart lending so folks could finance cars and trucks – as well as homes and small businesses.

On Friday, in fact, the Treasury Department informed Congress that this financial rescue – which was absolutely necessary to prevent an even worse economic disaster – will end up costing taxpayers a fraction of what was originally feared. This is a direct result of the careful management of the investments made by the American people so that we could recoup as many tax dollars as possible – and as quickly as possible.

These steps, as well as others we’ve taken, have meant that millions of people are working today who might otherwise have lost their jobs. But these steps were never meant to be permanent. As I’ve said many times, I did not run for president to get into the auto business or the banking business. As essential as it was that we got in, I’m glad to see that we’re getting out.

At the same time, even as we have come a long way, we still have a ways to go. The auto industry is more stable today. And the economy is on a better footing. But people are still hurting. I hear from them just about every day in letters I read and in the towns and cities that I visit. No matter what the economic statistics say, I won’t be satisfied until folks who need work can find good jobs. After a recession that stole 8 million jobs, this is gonna take some time. And this will require that we continue to tackle the underlying problems that caused this turmoil in the first place. In short, it’s essential that we learn the lessons of this crisis – or we risk repeating it.

Now, part of what led to the crisis in our auto industry – and one of the main causes of the economic downturn – were problems in our financial sector. In the absence of common-sense rules, Wall Street firms took enormous, irresponsible risks that imperiled our financial system – and hurt just about every sector of our economy. Some people simply forgot that behind every dollar traded or leveraged, there is a family looking to buy a house, pay for an education, open a business, or save for retirement.

That’s why I went to New York City this week and addressed an audience that included leaders in the financial industry. And once again I called for reforms to hold Wall Street accountable and to protect consumers. These reforms would put an end – once and for all – to taxpayer bailouts. They would bring greater transparency to complex financial dealings. And they will empower ordinary consumers and shareholders in our financial system. Folks will get clearer and more concise information when they make financial decisions – instead of having to worry about deceptive fine print. And shareholders and pension holders will have a stronger voice in the boardrooms of companies in which they invest their savings.

That’s how we’ll restore trust and confidence in our markets. That’s how we’ll help to put an end to the cycle of boom and bust that we’ve seen. And that’s how – after two very difficult years – we will not only revive the economy, but help to rebuild it stronger than ever before.

Thanks.

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01
Apr
10

March jobs jump could lift Obama

NEWS
March jobs jump could lift Obama

Thursday, April 1, 2010

The economy is expected to have added hundreds of thousands of jobs in March, bolstering the Obama’s administration’s arguments that the $787 billion stimulus package is working.

Private forecasts on the unemployment report to be released on Friday predict as many as 200,000 jobs will have been created in March.

Economist Mark Zandi, who advised Sen. John McCain (R-Ariz.) during the 2008 campaign and Democrats during the crafting of the stimulus, projects that 175,000 jobs will have been created.

Zandi’s estimate is that 100,000 of those jobs were created by the Census Bureau, which is hiring hundreds of thousands of workers to go door to door to get people to fill out their censuses.

Another 50,000 jobs are a bounce-back from February, when Zandi and other economists believe harsh winter storms contributed to lower-than-expected hiring. The economy shed 36,000 jobs in February, according to the Bureau of Labor Statistics.

Either way, the numbers will provide a jolt of good economic news for President Barack Obama, who is already enjoying the fruits of Democrats’ healthcare victory.

If the economy did add 175,000 jobs, it would be the most jobs created since March 2007, when the economy added 239,000 jobs.

Democrats nervous about the fall elections want to push the storyline that their efforts with the stimulus helped stave off a new Great Depression, and that an economy that lost nearly 3.7 million jobs in the months immediately following Obama’s election is now moving forward.

The March figures would boost that narrative, but there are several clouds on the horizon.

It’s unclear whether the 9.7 percent unemployment rate will drop at all, even with the positive job numbers.

Heidi Shierholz of the Economic Policy Institute says the rate could stay at 9.7 percent or even jump to 9.8 percent. The reason is workers who gave up looking for jobs are now coming back to the workforce.

Also, the help from Census hiring is a temporary boost at best. Most Census workers will only be employed for a matter of months.

That means it could be a cruel summer for Obama and Democrats when the Census Bureau begins cutting jobs this summer. Job figures could look great in March, April and May only to look terrible in June, July and August, Shierholz said.

Goldman Sachs on Tuesday projected a small improvement in the labor market. It recorded a drop in the gap between jobs available and jobs that are hard to get.

The ratio of 41.4 percent is the best reading of that statistic since August 2008, Goldman said in the report, but is still indicative of a fragile labor market.

Zandi said job growth won’t be strong enough until late in 2010 or early in 2011 to bring down unemployment significantly.

“A lack of credit for small businesses and still-weak business confidence will slow the job-market recovery,” he said.
• Source(s): Mark Zandi, Chief Economist – Moody’s Analytics, Inc.
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13
Mar
10

Weekly Address: Education for a More Competitive America & Better Future

NEWS
Weekly Address: President Obama to Send Updated Elementary and Secondary Education Act Blueprint To Congress on Monday

Saturday, March 13, 2010

The President discusses his blueprint for an updated Elementary and Secondary Education Act to overhaul No Child Left Behind, the latest step from his Administration to encourage change and success in America’s schools at the local level.

Lost in the news of the week was a headline that ought to be a source of concern for every American. It said, “Many Nations Passing U.S. in Education.” Now, debates in Washington tend to be consumed with the politics of the moment: who’s up in the daily polls; whose party stands to gain in November. But what matters to you – what matters to our country – is not what happens in the next election, but what we do to lift up the next generation. And the fact is, there are few issues that speak more directly to our long term success as a nation than issues concerning the education we provide to our children.

Our prosperity in the 20th century was fueled by an education system that helped grow the middle class and unleash the talents of our people more fully and widely than at any time in our history. We built schools and focused on the teaching of math and science. We helped a generation of veterans go to college through the GI Bill. We led the globe in producing college graduates, and in turn we led in producing ground-breaking technologies and scientific discoveries that lifted living standards and set us apart as the world’s engine of innovation.

Of course, other nations recognize this, and are looking to gain an edge in the global marketplace by investing in better schools, supporting teachers, and committing to clear standards that will produce graduates with more skills. Our competitors understand that the nation that out-educates us today will out-compete us tomorrow. Yet, too often we have failed to make inroads in reforming and strengthening our public education system – the debate mired in worn arguments hurled across entrenched divides.

As a result, over the last few decades, we’ve lost ground. One assessment shows American fifteen year olds no longer even near the top in math and science when compared to their peers around the world. As referenced in the news report I mentioned, we’ve now fallen behind most wealthy countries in our high school graduation rates. And while we once led the world in the proportion of college graduates we produced, today we no longer do.

Not only does that risk our leadership as a nation, it consigns millions of Americans to a lesser future. For we know that the level of education a person attains is increasingly a prerequisite for success and a predictor of the income that person will earn throughout his or her life. Beyond the economic statistics is a less tangible but no less painful reality: unless we take action – unless we step up – there are countless children who will never realize their full talent and potential.

I don’t accept that future for them. And I don’t accept that future for the United States of America. That’s why we’re engaged in a historic effort to redeem and improve our public schools: to raise the expectations for our students and for ourselves, to recognize and reward excellence, to improve performance in troubled schools, and to give our kids and our country the best chance to succeed in a changing world.

Under the leadership of an outstanding Education Secretary, Arne Duncan, we launched a Race to the Top, through which states compete for funding by committing to reform and raising standards, by rewarding good teaching, by supporting the development of better assessments to measure results, and by emphasizing math and science to help prepare children for college and careers.

And on Monday, my administration will send to Congress our blueprint for an updated Elementary and Secondary Education Act to overhaul No Child Left Behind. What this plan recognizes is that while the federal government can play a leading role in encouraging the reforms and high standards we need, the impetus for that change will come from states, and from local schools and school districts. So, yes, we set a high bar – but we also provide educators the flexibility to reach it.

Under these guidelines, schools that achieve excellence or show real progress will be rewarded, and local districts will be encouraged to commit to change in schools that are clearly letting their students down. For the majority of schools that fall in between – schools that do well but could do better – we will encourage continuous improvement to help keep our young people on track for a bright future: prepared for the jobs of the 21st century. And because the most important factor in a child’s success is the person standing at the front of the classroom, we will better prepare teachers, support teachers, and encourage teachers to stay in the field. In short, we’ll treat the people who educate our sons and daughters like the professionals they are.

Through this plan we are setting an ambitious goal: all students should graduate from high school prepared for college and a career – no matter who you are or where you come from. Achieving this goal will be difficult. It will take time. And it will require the skills, talents, and dedication of many: principals, teachers, parents, students. But this effort is essential for our children and for our country. And while there will always be those cynics who claim it can’t be done, at our best, we know that America has always risen to the challenges that we’ve faced. This challenge is no different.

As a nation, we are engaged in many important endeavors: improving the economy, reforming the health care system, encouraging innovation in energy and other growth industries of the 21st century. But our success in these efforts – and our success in the future as a people – will ultimately depend on what happens long before an entrepreneur opens his doors, or a nurse walks the rounds, or a scientist steps into her laboratory. Our future is determined each and every day, when our children enter the classroom, ready to learn and brimming with promise.

It’s that promise we must help them fulfill. Thank you.

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13
Mar
10

Senator Scott Brown delivers weekly Republican address

NEWS
Senator Scott Brown delivers weekly Republican address

Saturday, March 13, 2010

Senator Scott Brown (R-MA) released the following weekly Republican address.

“Hello, I’m United States Senator Scott Brown from the Commonwealth of Massachusetts.

“When the people of my state elected me in January, they sent more than a senator to Washington – they sent a message. Across party lines, the voters told politicians in Washington to get its priorities right.

“And from my travels and conversation with people throughout this country, they told me that they want their President and Congress to focus on creating jobs and reviving America’s economy. Instead, for more than a year now, we have seen a bitter, destructive, and endless drive to completely transform America’s health care system.

“In January of last year, unemployment hit 7.2 percent and our economy was hurting badly. But, early in President Obama’s term, he and the Democratic leadership of Congress made takeover of health care their first priority.

“Today, times are even tougher across our nation when it comes to our economy. Nearly one in ten Americans are still out of work. And still, the President and Congress are focused on ramming through their health-care bill, whatever it takes, whatever the cost.

“Maybe you remember what President Obama promised in his State of the Union address. He said he was going to finally focus on jobs and the economy for the remainder of this year. I applauded him for that. Well, here it is, it’s almost spring. And what is he out there talking about again? That same 2,700-page, multi-trillion dollar health care legislation.

“So, an entire year has gone to waste. Millions of Americans have lost their jobs, and many more jobs are in danger. Even now, the President still hasn’t gotten the message.

“Somehow, the greater the public opposition to the health care bill, the more determined they seem to force it on us anyway. Their attitude shows Washington at its very worst – the presumption that they know best, and they’re going to get their way whether the American people like it or not.

“And, when politicians start thinking like that, they don’t let anything get in their way – not public opinion, not the rules of fair play, not even their own promises.

“They pledged transparency. Instead, we have a health care bill tainted by secrecy, concealed cost, and full of backroom deals – and that’s just not right. They should do better. The American people expect more.

“They pledged a true bipartisan effort. Instead, they have resorted to bending the rules, and they now intend to seize control of health care in America on a strict party-line vote.

“In speech after speech on his health care plan, the President has tried to convince us that what he is proposing will be good for America. But, how can it be good for America if it raises taxes by a half trillion dollars and costs a trillion dollars or more to implement? In addition, how can it be good if it takes another half a trillion dollars away from seniors on Medicare, and still includes all the backroom deals you have been hearing about for months?

“Well, for the past year or more, the new establishment in Washington has tried again and again to sell this plan to the American people. But the Americans aren’t buying it, and for good reason. And now, what’s going on is a last, desperate power play. They actually tell us that passing the bill is necessary, if only to prove that something can get done in Washington.

“Well, I haven’t been here very long, but, I can tell you this much already: Nothing has distracted the attention and energy of the nation’s capital more than this disastrous detour. And, the surest way to return to the people’s business is to listen to the people themselves: We need to drop this whole scheme of federally controlled health care, start over, and work together on real reforms at the state level that will contain costs and won’t leave America trillions of dollars deeper in debt.

“This, above all, was the message that the people of my state sent to the President and the Congress in the election over a month ago.

“You know some of my Democratic colleagues, you know, are being leaned on mighty hard right now. Speaker Pelosi and others are handing down their marching orders, telling them to vote for this bill no matter what. Rarely have elected leaders been so intent on defying the public will. For many members of Congress, the time for choosing is near – do what the party leadership demands, or do what the people have asked you to do. If my colleagues don’t mind some advice from a newcomer, I’d suggest going with the will of the people.

“After all, from the very beginning of this debate, the American people have called it correctly. In every part of the country, Republicans and Democrats have agreed on serious, straightforward, commonsense health care reform. They expect us in Washington to do the same – working together, acting fairly and by the rules, and staying focused on the need to make the American economy as strong as it can be. That is the business that brought me here on an unexpected journey to Washington. And, it’s the responsibility of everyone sent here to serve our country. We can do better – and I challenge my colleagues and the President to do just that.

“I’m Senator Scott Brown and thank you very much for listening.”

Related: GOP warns of ‘bitter’ push to pass health bill GO
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