Obama on the Record: Job Creation and Economic Growth

Full text of the president's address at the Brookings Institute, as prepared for delivery

Because even the best trained workers in the world can’t compete if our businesses are saddled with rapidly increasing health care costs, we’re fighting to do what we have discussed in this country for generations: finally reforming our nation’s broken health insurance system and relieving this unsustainable burden.

Because our economic future depends on a financial system that encourages sound investments, honest dealings, and long-term growth, we’ve proposed the most ambitious financial reforms since the Great Depression. We’ll set and enforce clear rules of the road, close loopholes in oversight, charge a new agency with protecting consumers, and address the dangerous, systemic risks that brought us to the brink of disaster. These reforms are moving through Congress, we’re working to keep those reforms strong, and I look forward to signing them into law.

And because our economic future depends on our leadership in the industries of the future, we are investing in basic and applied research, and working to create the incentives to build a new clean energy economy. For we know the nation that leads in clean energy will be the nation that leads the world. I want America to be that nation. I want America’s prosperity to be powered by what we invent and pioneer – not just what we borrow and consume. And I know that we can and will be that nation, if we are willing to do what it takes to get there.

There are those who claim we have to choose between paying down our deficits on the one hand, and investing in job creation and economic growth on the other. But this is a false choice. Ensuring that economic growth and job creation are strong and sustained is critical to ensuring that we are increasing revenues and decreasing spending on things like unemployment so that our deficits will start coming down. At the same time, instilling confidence in our commitment to being fiscally prudent gives the private sector the confidence to make long-term investments in our people and on our shores.

One of the central goals of this administration is restoring fiscal responsibility. Even as we have had to spend our way out of this recession in the near term, we have begun to make the hard choices necessary to get our country on a more stable fiscal footing in the long run. Despite what some have claimed, the cost of the Recovery Act is only a very small part of our current budget imbalance. In reality, the deficit had been building dramatically over the previous eight years. Folks passed tax cuts and expensive entitlement programs without paying for any of it – even as health care costs kept rising, year after year. As a result, the deficit had reached $1.3 trillion when we walked into the White House.  And I’d note: these budget busting tax cuts and spending programs were approved by many of the same people who are now waxing political about fiscal responsibility while opposing our efforts to reduce deficits by getting health care costs under control. It’s a sight to see.

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