President Obama on Job Creation

Here is my recount of the speech tonight. Where possible, I quoted. Thoughts at the end.

“We meet at an urgent time in our country. We still face the impact of the Financial Crisis and Political Crisis that has made things worse.”The U.S. has thrived under the basic concept that if you worked hard, you could make it in this country. That has eroded.“There are steps we can take right now to make a difference.”“American Jobs Act” – pass it right away. (most repeated line of the night) “Everything in this bill will be paid for. Everything. Point to put more people back to work, and more money in the pockets of people who are working. Small businesses are where most jobs are created.” Payroll tax credits for small business. Next. Spend money on schools. We will spend money on infrastructure. Tax credits for hiring veterans. Tax credits for hiring young people. Tax people who have been looking for a job for longer than 6 months. Extend unemployment insurance. No tax increases on the middle class.

Now… how to fund.

I will release a more ambitious deficit reduction plan next week… which includes increasing taxes on families earning more, as well as corporations. Medicare reform needed. “We need a tax code where everyone pays their fair share.”

Says we can do this. Create jobs and pay for it. A question of priorities. We need to out innovate companies in other countries. We need to shorten the patent process. Make exporting easier and more cost effective. We need to strengthen American company’s competitiveness. “Made in America.” ( lots of cheers) Training. Internships. Ra Ra.

“We can’t afford wasteful spending. We can’t burden business. I ordered a review of all government regulations. What we can’t do is let this economic crisis be used to wipe out basic protections that Americans have counted on for decades.” He rejects a lot of ideas…. (all good) “America should be in a race to the top.” ( lots of cheers)

“We built America together.” Members of Congress we need to meet our responsibilities. Everything I laid out will be paid for. ( really????)

Ended with a huge and passionate call to action. We cannot wait to pass this jobs bill.

My commentary…

Overall a really great speech. Big picture he spoke well to the issue of job creation, but it is the actual policies and practices that matter. Sounded great. Problem is that based on what I have read there is not enough money in taxing the rich and closing loopholes for corporations to fund new programs and tax breaks, let alone narrow the deficit. This was a pep rally for all things American, and it was good. We do have to come together to solve problems. Many are in serious need and to help. Agree.

“Do what you can, with what you have, where you are.”