Economists know there is no one cure-all to rebuild America’s economy. No antibiotic that eliminates unemployment, no magic bill that reverses years of reckless economic stewardship, and no “easy” button that prepares our country’s businesses and workforce for the future. America’s economy isn’t that simple. That’s why President Obama is approaching economic growth from all angles, investing in core drivers of the economy to create jobs while also eliminating wasteful spending to reduce the deficit.
It’s a smart and responsible approach that’s worthy of the American people, many of whom are faced with tough decisions about their own pocketbooks.
Last week, the Labor Department announced that the economy added 192,000 jobs in February, and that applications for unemployment benefits dropped to a three-year low. President Obama is fighting to keep this momentum going and is working with people from our country’s leading industries to turn their success into jobs.
The President created the Council on Jobs and Competitiveness to encourage businesses to hire workers and find inventive ways grow. He addressed the U.S. Chamber of Commerce in the hopes of fostering a partnership between the public sector and the business communityeliminating barriers to job creation.
The President’s budget also recognizes that America’s economic recovery also requires targeted investments in key drivers of growth, such as education, innovation, and infrastructure – to ensure a better economy not just in the short run, but for years to come.
But instead of strengthening these economic pillars, congressional Republicans’ proposal weakens them. Their plan hinders law enforcement, public education, food safety, environmental protection, Social Security – and would lead to the loss of nearly 1 million jobs.
But President Obama is committed to reducing $1 trillion from the deficit responsibly, while investing in short- and long-term economic growth. America’s economy is making headway toward recovery, but sustained growth requires a comprehensive plan to cut responsibly and to make critical investments for winning the future.
While economic policy can be nuanced, the goal is not – our country needs leadership focused on creating jobs, not eliminating them.