The Economy

The causes of the deep recession and struggles of middle class families were many years in the making, and they won’t be solved overnight.



In the last sixteen months, we’ve added over 2.2 million private sector jobs, thanks, in part, to the steps we have taken to break the momentum of the recession. But we all know faster growth is needed to replace the jobs lost in the downturn and put the millions of Americans who are looking for jobs back to work.



· The President is pursuing an array of additional measures to accelerate that growth, including steps to expand American exports, boost manufacturing, ease the process of bringing new products to market and spur public-private partnerships to rebuild Americas infrastructure.



But there is no doubt that one, large brick on growth is the size of the federal debt, and questions about whether we, as a nation, can act responsibly to deal with it and make our future more secure.



· That’s why the President is working to bring Republicans and Democrats in Congress behind a comprehensive effort to get our deficits and debt under control so that our economy is on stronger footing and businesses have the confidence to invest and create jobs.



· President Obama believes in a balanced approach to deficit reduction – one where everyone does their part to restore fiscal responsibility and forces Washington to live within its means just like families are doing across the country.



· Balance requires shared sacrifice – through cutting spending in domestic and defense programs, tackling rising costs in Medicare and Medicaid, and ending special tax breaks and loopholes for the wealthiest Americans and corporate interests.



· We can reduce our deficits while making the investments needed to create good jobs and grow our economy – investments in job-creating areas like education, infrastructure, clean energy and cutting-edge research and technology.



· As we deal with these issues, we also have a responsibility to shore up Medicare and Social Security. With our aging population, a failure to act would jeopardize the hard-earned benefits so central to the security of future retirees.



· The Republican budget plan would end Medicare as we know it, making seniors pay an extra $6,000 for their health care, just so millionaires and billionaires can get another $200,000 tax cut.



· But the President refuses to balance our budgets on the backs of those who can least afford it. That doesn’t make sense, and it’s not who we are as a country.



· Social Security and Medicare are sacred promises based on the idea that we are a people who look out for one another. We believe in basic measures of security and dignity for all of us.



· And to make sure those programs are around for future generations, President Obama believes that both parties should work together now to strengthen them – not end them.



· Reducing our deficit will require balanced solutions and tough decisions. But that’s why he ran for President – to tackle the tough problems that have held us back for so long.



· That’s how we’ll build an America where we live within our means, live up to our fundamental sense of decency and regard for one another, and create new jobs and opportunity for all who work for it.