Obama on the Record: News Conference on the Economy - Page 13 of 18

Obama on the Record: News Conference on the Economy

So the goal at the G20 summit, I think, is to do a couple of things: Number one, say to all countries, let’s do what’s necessary in order to create jobs and to get the economy moving again. Let’s avoid steps that could result in protectionism that would further contract global trade. Let’s focus on how are we going to move our regulatory process forward in order that we do not see the kinds of systemic breakdowns that we’ve already seen. And that requires — that means not just dealing with banks, but also some of the other financial flows that are out here that are currently unregulated. We’ve got to update regulations that date back to the 1930s, and we’re going to have to do some coordination with other countries in order to accomplish that.

As far as confidence in the U.S. economy or the dollar, I would just point out that the dollar is extraordinarily strong right now. And the reason the dollar is strong right now is because investors consider the United States the strongest economy in the world, with the most stable political system in the world. So you don’t have to take my word for it. I think that there is a great deal of confidence that ultimately, although we are going through a rough patch, that the prospects for the world economy are very, very strong.

And last point I would make in terms of changing America’s image in the world, Garrett, I — you know, I haven’t looked at the latest polling around the world, but I think — I think it’s fair to say that the response that people have had to our administration and the steps that we’ve taken are ones that are restoring a sense of confidence and the ability of the United States to assert global leadership. That will just strengthen.

Q And the need for a global —


Q — the need for a global currency?

THE PRESIDENT: I don’t believe that there’s a need for a global currency.

Mike Allen, Politico. Hi, Mike.

Q Thank you, Mr. President. Are you reconsidering your plan to cut the interest rate deduction for mortgages and for charities? And do you regret having proposed that in the first place?

THE PRESIDENT: No, I think it’s — I think it’s the right thing to do, where we’ve got to make some difficult choices. Here’s what we did with respect to tax policy. What we said was, that over the last decade, the average worker, the average family have seen their wages and incomes flat. Even at times where supposedly we were in the middle of an economic boom, as a practical matter, their incomes didn’t go up. And so what we said, let’s give them a tax cut, let’s give them some relief, some help — 95 percent of American families.