There's not a single policy alone that will repair our country and replenish the jobs lost during the worst of the recession. But the best way to create jobs is to draw on every economic instrument and lever to accelerate the pace of growth. And that’s exactly what President Obama is doing.
Bringing together economic experts, business leaders, innovators, workers, and educators, the President’s approach reflects his goal of making our county even stronger, more advanced, and more competitive. Over the past few weeks, he has announced several exciting initiatives to help bring us closer to that vision.
Last Friday, the President visited Pittsburgh and the National Robotics Engineering Center at Carnegie Mellon University to announce a new program – the Advanced Manufacturing Partnership – that brings together industry, universities, and the federal government to kick-start investment in nascent technologies such as new-age robotics and national security industries -- and improve energy efficiency in manufacturing.
With a “renaissance of American manufacturing” in mind, programs like this will help create jobs and make our country more globally competitive. As the President said at Carnegie Mellon:
Throughout our history, our greatest breakthroughs have often come from partnerships just like this one. American innovation has always been sparked by individual scientists and entrepreneurs, often at universities like Carnegie Mellon or Georgia Tech or Berkeley or Stanford. But a lot of companies don’t invest in early ideas because it won’t pay off right away. And that’s where government can step in. That’s how we ended up with some of the world-changing innovations that fueled our growth and prosperity and created countless jobs -- the mobile phone, the Internet, GPS, more than 150 drugs and vaccines over the last 40 years was all because we were able to, in strategic ways, bring people together and make some critical investments.
The government plays a critical role as a steward of the economy, and programs like the Advanced Manufacturing Partnership help clear a path for progress. But private investment is also an indispensable driver of growth.
That's why the Obama administration has also launched another program called SelectUSA to incentivize added foreign investment in America.
Additionally, the administration just released a report on the benefits of foreign-based companies investing in our country, and also convened a forum on impact investing for investors seeking both economic and social returns. Click here to learn more about impact investing.
Each of these initiatives represents a component of the President’s broader effort to use every idea and resource available as a means of creating jobs and strengthening our economy. As he’s said before, President Obama is not satisfied with the pace of recovery – these measures reflect his commitment to accelerating our country’s growth.