Remarks on the National Economy






Publication: Daily Compilation of Presidential Documents
Author: Obama, Barack H
Date published: November 5, 2010

November 5, 2010

Good morning, everybody. We are in the middle of a tough fight to get our economy growing faster so that businesses across our country can open and expand, so that people can find good jobs, and so that we can repair the terrible damage that was done by the worst recession in our lifetimes. Today we received some encouraging news.

Based on today's jobs report, we've now seen private sector job growth for 10 straight months. That means that since January, the private sector has added 1.1 million jobs. Let me repeat: Over the course of the last several months, we've seen over a million jobs added to the American economy. In October, the private sector has added 159,000 jobs. And we learned that businesses added more than 100,000 jobs in both August and September as well. So we've now seen 4 months of private sector job growth above 100,000, which is the first time we've seen this kind of increase in over 4 years.

Now, that's not good enough. The unemployment rate is still unacceptably high, and we've got a lot of work to do. This recession caused a great deal of hardship, and it put millions of people out of work. So in order to repair this damage, in order to create the jobs to meet the large need, we need to accelerate our economic growth so that we are producing jobs at a faster pace.

Because the fact is an encouraging jobs report doesn't make a difference if you're still one of the millions of people who are looking for work. And I won't be satisfied until everybody who is looking for a job can find one. So we've got to keep fighting for every job, for every new business, for every opportunity to get this economy moving. And just as we passed a small-business jobs bill based on ideas of both parties and the private sector, I am open to any idea, any proposal, any way we can get the economy growing faster so that people who need work can find it faster.

This includes tax breaks for small businesses, like deferring taxes on new equipment, so that they've got an incentive to expand and hire, as well as tax cuts to make it cheaper for entrepreneurs to start companies. This includes building new infrastructure, from high-speed trains to high-speed Internet, so that our economy can run faster and smarter. It includes promoting research and innovation and creating incentives in growth sectors like the clean energy economy. And it certainly includes keeping tax rates low for middle class families and extending unemployment benefits to help those hardest hit in-by the downturn while generating more demand in the economy.

It's also absolutely clear that one of the keys to creating jobs is to open markets to American goods made by American workers. Our prosperity depends not just on consuming things, but also on being the maker of things. In fact, for every $1 billion we increase in exports, thousands of jobs are supported here at home. And that's why I've set a goal of doubling America's exports over the next 5 years. And that's why on the trip that I'm about to take, I'm going to be talking about opening up additional markets in places like India, so that American businesses can sell more products abroad in order to create more jobs here at home.

And this is a reminder, as well, that the most important competition we face in this new century will not be between Democrats and Republicans, it's the competition with countries around the world to lead the global economy. And our success or failure in this race will depend on whether we can come together as a nation. Our future depends on putting politics aside to solve problems, to worry about the next generation instead of the next election.

We can't spend the next 2 years mired in gridlock. Other countries, like China, aren't standing still. So we can't stand still either. We've got to move forward.

I'm confident that if we can do that, if we can work together, then this country will not only recover, but it will prosper. And I'm looking very much forward to helping to pry some markets open, help American businesses, and put people back to work here at home during the course of this trip.

Thank you very much.

NOTE: The President spoke at 9:36 a.m. in the Roosevelt Room at the White House. The Office of the Press Secretary also released a Spanish language transcript of these remarks.

Categories: Addresses and Remarks : Economy, national.

Locations: Washington, DC.

Subjects: Business and industry : Small businesses :: Promotion efforts; Business and industry : Small businesses :: Small Business Jobs Act of 2010; Commerce, international : U.S. National Export Initiative; Economy, national : Recession, effects; Economy, national : Strengthening efforts; Employment and unemployment : Job creation and growth; Employment and unemployment : Unemployment insurance; Employment and unemployment : Unemployment rate; India : President Obama's visit; Science and technology : Research and development; Taxation : Tax relief; Transportation : Infrastructure, national, improvement efforts.

DCPD Number: DCPD201000945.

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